US oil may rise into $84.37-$86 range

SINGAPORE: US oil may break a resistance at $82.75 per barrel and rise into $84.37-$86 range.

A bounce from the Sept. 26 low of $76.25 has extended, as confirmed by the gain from the Sept. 30 low of $79.14 and the a break above a falling trendline.

The rise is driven by a wave c, which is still well controlled by a set of projection levels on the fall from $90.19.

Following its two failures to break $82.75 last week, oil is poised to overcome this barrier and rise more.

Support is at $81.12, a break below which could open the way towards $79.11.

Pakistan’s case: US ready to allow Russian oil trade

On the daily chart, oil has broken a resistance at $81.14, the break is expected to lead to a gain to $85.59.

The downtrend simply remains steady, as a wave C from $104.46 is expected to extend to $73.93.

It makes a part of a bigger wave C from $123.68, which could eventually travel to $62.89.