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SINGAPORE: US oil may fall into a range of $95.23-$96.91 per barrel, as it has broken a key support at $99.38.
The support is identified as the 61.8% retracement of the uptrend from $92.93 to $109.81.
The break eliminates the chance of the uptrend’s extension.
In the meantime, the chance of a drop to $92.93 has significantly increased.
Resistance is at $101.37, a break above which could lead to a gain into $103.36-$105.83 range.
On the daily chart, a triangle is becoming invalid. A bullish target of $130.50 has been aborted.
US oil may test support at $93.80
The current fall looks like a continuation of the downtrend from $130.50.
The trend consists of five waves. The fifth wave, wave E, is unfolding towards $93.79.
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