SINGAPORE: US oil may test a resistance at $112.03 per barrel, a break above which could open the way towards $113.35-$114.68 range.
The rise on Monday confirmed the extension of the uptrend from the June 22 low of $101.53.
Driven by a wave (c), the trend may extend into $113.35-$114.68 range.
A break below the support at $109.27 may signal a completion of the wave (c) and the continuation of the downtrend from the June 14 high of $123.68.
US oil may test support at $106.10
On the daily chart, oil is presumably riding on a wave (C), which is expected to travel to $100.46 or a much lower level of $86.11.
It could be too rushing to conclude that the wave (C) has completed, simply based on the persistent bounces from the June 22 low of $101.53.
The bearish outlook will be reviewed once oil clears a resistance zone of $114.81-$116.15.
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