The support is provided by the 23.6 percent Fibonacci retracement on the rise from the May 1 low of $98.74 to the May 27 high of $104.50. The next support will be at $102.30, the 38.2 percent level, which may temporarily stop the fall or even trigger a moderate rebound.
Based on a wedge which developed from March 3, oil could be dropping toward the lower trendline of this pattern, which is about $100.10, the 76.4 percent level. A realistic target, however, could be $100.94, the 61.8 percent level.
The views expressed are his own.
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