SINGAPORE: US oil is expected to end its current weak rebound around resistance at $103.14 per barrel and then drop to support at $102.30, as a downtrend from the May 27 high of $104.50 has just started.
The trend may eventually reverse a preceding uptrend from the May 1 low of $98.74.
A Fibonacci retracement analysis on the uptrend reveals the resistance at $103.14 and support at $102.30, respectively the 23.6 percent and the 38.2 percent retracements.
A break below $102.30 will lead to a further loss to $101.62, the 50 percent retracement, while a rise above $103.14 may be capped at $103.70.
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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