SINGAPORE: US oil is expected to slide to $89.87 per barrel, as it has cleared support at $91.14.
The support was provided by the 161.8 percent Fibonacci projection level of a downward wave C that started at the July 22 high of $105.25. The next support will be at $89.87, the 176.4 percent level, a break below which will lead to a further loss to $87.81, the 200 percent level.
Resistance will be at $92.17, the 150 percent projection level, a break above which could signal the formation of a temporary bottom around $91.14, and the resistance at $93.20, the 138.2 percent level, will be retested.
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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