SINGAPORE: US oil is expected to gain more to $96.09 per barrel, as it has cleared a resistance at $93.93.
The resistance was provided by the 23.6 percent Fibonacci retracement on the fall from the July 22 high of $105.25 to the Sept. 11 low of $90.43. The next resistance will be at $96.09, the 38.2 percent retracement.
The current rebound may end around $96.09, to be followed by a drop towards $93.93, as the downtrend from the June 20 high of $107.73 is presumed to be intact.
Should a correction occur around the current level, it will most likely be limited to $93.93, now a support.
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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