SINGAPORE: US oil may end its sharp rebound from the Sept. 2 low of $92.68 around resistance at $96.09 per barrel, as indicated by its wave pattern and a Fibonacci retracement analysis.
The rebound has been considered an extension of a three-wave cycle that developed from the Aug. 21 low of $92.50. Driven by a wave c, the rebound may end around $96.09, the 23.6 percent Fibonacci retracement on the fall from the July 22 high of $105.25.
A break above $96.09 could confirm a high-low bottom that has been forming around $92.50, and a bullish target will be established at $98.32, the 38.2 percent level.
The views expressed are his own.
No information in this analysis should be considered as being business, financial or legal advice.
Each reader should consult his or her own professional or other advisers for business, financial or legal advice regarding the products mentioned in the analyses.
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