SINGAPORE: US oil may break a support at $108.13 per barrel and fall into $105.14-$16.64 range.
The contract repeatedly failed to break a resistance at $111.26.
The failures suggest the formation of a temporary top around this barrier.
Even though the uptrend is riding on a wave c, which may eventually travel into the $112.99-$120.84 range, a rising channel suggests a correction towards the $105.14-$106.64 range first.
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A break above $111.26 may lead to a gain into a zone of $112.99-$114.85.
On the daily chart, a projection analysis on the downtrend from $116.64 reveals a similar resistance at $111.24, which may have triggered a pullback towards a wedge.
The pullback may end above a support at $102.52, as the wedge suggests a target of $116.64.
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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