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SINGAPORE: US oil may retest a support at $85.73 per barrel, a break below which could trigger a drop to $83.50.
A bearish wedge has been confirmed, suggesting a target of $83.50.
The consolidation above $85.73 is expected to be brief, followed by a resumption of the fall.
A break above $87.11 may lead to a gain to $89.34.
US oil neutral in $87.11-$89.34 range
On the daily chart, oil broke a support of $87.83. It is expected to fall towards $79.09-$83.92 range.
Eventually, oil may drop to $71.27, as suggested by a falling channel.
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