SINGAPORE: US oil may break a resistance at $97.51 per barrel and rise into a range of $99.15 to $101.18, driven by a wave c.
This is the third wave of a three-wave cycle from the July 14 low of $90.56.
The sudden swing of the downtrend from $104.46 around a support of $93.84 suggests an extension of the uptrend from $90.56. It is not very clear yet how far the wave c could travel.
It may end below $104.46 or extend far above this level.
Support is at $95.87, a break below may trigger a drop into $90.56-$93.84 range.
US oil may revisit its July 14 low of $90.56
On the daily chart, the contract stabilized around a support at $94.98.
It may test a resistance at $100.46, a break above could lead to a gain to $104.90.
A further gain could confirm an inverted head-and-shoulders, which will suggest a target of $120.
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