SINGAPORE: US oil may drop into a range of $103.45 to $106.10 per barrel, as a downtrend from $118.97 has resumed.
The trend observes closely a set of projection levels. The support at $107.74 seems to have been broken. The break opens the way towards $100.80-$103.45 range.
A bounce from the current level may be limited to $109.27.
On the daily chart, the big correction from $130.50 has resumed.
US oil to rise towards $113.35-$114.68 range
The correction consists of three waves, with the wave (C) unfolding towards $86.11-$100.46 range.
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