SINGAPORE: US oil is expected to test a resistance at $97.90 per barrel, a break above could lead to a gain into $99.63-$101.78 range.
The support at $91.90 worked effectively to stop the fall and trigger a bounce.
Due to the completion of a five-wave cycle, the bounce may extend towards the peak of the wave 4 at $105.24.
Immediate support is at $96.17, a break below which may trigger a drop to $94.02.
US oil to test support of $92.75
On the daily chart, the long-shadowed hammer forming around a support at $91.22 on Thursday is regarded as a reliable reversal pattern, suggesting a further bounce towards $100.46.
The downtrend from $123.68 remains steady and may resume upon the completion of the bounce around $100.46, as the trend is expected to eventually extend to $86.11, its 100% projection level of the wave (C).
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