SINGAPORE: US September oil looks neutral in a range of $97.37 -$98.53 per barrel, and an escape will point a direction.
The range has been formed by the 76.4 percent and the 61.8 percent Fibonacci projection levels of a wave c, the third wave
of a three-wave cycle that developed from the June 25 high of $106.64.
A break above $98.53 will open the way towards the 50 percent level, while only a fall below $97.37 could confirm the continuation of the wave c towards $95.49, the 100 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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