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SINGAPORE: US oil may fall into $89.96-$90.94 range, as a wave c from $79.14 may have completed around a resistance at $93.50. This wave could be well broken down into five smaller waves.
The wave 5 seems to have ended around $93.50.
A retracement analysis on the fall from $97.66 to $76.25 reveals a failure of the contract to break the 76.4% level of $92.61.
The failure could have triggered a drop towards the 61.8% level of $89.48.
A break above $92.61 may lead to a gain into $93.50-$95.08 range.
On the daily chart, oil failed to break a resistance at $92.80.
US oil may end bounce in $89.96-$90.19 range
The failure offers market a good excuse to pull back towards a falling trendline.
The pullback could extend into a range of $85.59-$92.80.
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