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SINGAPORE: US oil is expected to drop towards $88.95 per barrel as it did not break a resistance at $93.33.
The resistance is at the 38.2 percent Fibonacci retracement on the fall from $100.42 to $88.95.
Oil's failure to break this level signals the completion of its rebound from $88.95 and a possible resumption of the preceding downtrend that started from $100.42.
A break above $93.33 will lead to a further gain to $94.69, the 50 percent retracement.
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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