SINGAPORE: US oil may rise to $92.86 per barrel, as it has broken a resistance at $90.13. The strong surge on Thursday confirmed a completion of a five-wave cycle from $104.39.
A retracement analysis reveals a target of $92.86, a break above which could lead to a gain to $95.06.
A break below $90.13, now a support, may trigger a drop to $88.45.
On the daily chart, the undervalued support at $86.11 proved to be stronger than expected.
US oil may retest support at $85.73
It may have triggered a decent bounce towards $94.98-$100.46 range.
The bullish divergence on the daily MACD suggests a further gain as well. Whether the whole downtrend from $123.68 has reversed is subject to a further observation.
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