SINGAPORE: US oil may retest resistance at $93.33 per barrel, with a good chance of breaking it and rising to $94.69.
The resistance is at the 38.2 percent Fibonacci retracement on the fall from $100.42 to $88.95, blocking the way towards $94.69, the 50 percent level.
The gain on Monday indicates the rebound from the Sept. 26 low of $88.95 has extended.
Driven by an upward wave c, the rebound may reach $94.69, as wave c is expected to develop at least the same length as that of wave a.
Support is at the presumed wave b trough of $91.26, a break below which will suggest a resumption of the preceding downtrend that started at $100.42.
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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