SINGAPORE: A bearish target at $99.37 per barrel will be confirmed for US oil, if it could drop below $101.37, an hourly chart low touched on April 5.
At the April 5 high of $103.40, oil has completed a rebound, which was triggered by a support at $101.71, the 61.8 percent Fibonacci projection level of a downward wave C. The downtrend that started at the March 23 high of $108.25 has resumed.
Rebound will be limited to $103.
** Wang Tao is a Reuters market analyst for commodities and energy technicals. The views expressed are his own.
No information in this analysis should be considered as being business, financial or legal advice. Each reader should consult his or her own professional or other advisers for business, financial or legal advice regarding the products mentioned in the analyses.
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