SINGAPORE: US oil faces a resistance at $103.05 per barrel, and may retrace to a support at $102.28 again.
The resistance is provided by the 50 percent Fibonacci retracement on the fall from the May 27 high of $104.50 to the June 5 low of $101.60. It has triggered a correction to the 23.6 percent level at $102.28.
However, the correction seems to be incomplete, as it may consist of three waves, so far, only two waves have unfolded. The third wave labelled c may have started, towards $102.28.
A break above $103.05 will trigger a limited gain to $103.39, the 61.8 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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