SINGAPORE: US September oil is expected to break support at $102.66 and retrace further to $102 per barrel, as indicated by a Fibonacci retracement analysis and a rising channel.
The support is provided by the 50 percent Fibonacci retracement on the fall from the June 25 high of $106.64 to the July 15 low of $98.68. Oil seems to have been bouncing up and down within the rising channel from July 17, the lower channel line of which points to a target at $102.
Resistance is at $103.60, a break above which will open the way towards $104.76, the 76.4 percent retracement.
The views expressed are his own.
No information in this analysis should be considered as being business, financial or legal advice.
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