SINGAPORE: US oil is expected to test $86.25 per barrel, as it has broken support at $88.29.
The support was provided by the 38.2 percent Fibonacci projection level of a downward wave C, the third of a three-wave cycle that developed from the June 20 high of $107.73.
The next support will be at $86.25, the 50 percent level, a break below which will led to a further loss towards the 61.8 percent level at $84.21.
A break above $88.29, now a resistance, could mean a further gain to the 23.6 percent level at $90.82.
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.
Comments
Comments are closed for this article.