SINGAPORE: A bullish target range of $108.72-$109.56 per barrel remains unchanged for US oil , as indicated by its wave pattern and a Fibonacci projection analysis.
Oil is riding on a powerful wave c, the third wave of a three-wave cycle that developed from the May 1 low of $98.74. This wave has travelled above a resistance at $107.36, the 100 percent projection level, and is progressing towards the range formed by the 123.6 percent and the 138.2 percent levels.
Support is at June 13 low of $106.37, a break below which could signal a completion of the wave c, and a bearish target at $105.16, the 61.8 percent projection level, will be established.
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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