The sharp surge on June 9 indicates an extension of the uptrend from the May 1 low of $98.74. Driven by a powerful wave
c, this trend is capable of extending to $107.36, the 100 percent Fibonacci projection level, based on the length of the preceding wave a that developed at $98.74 and peaked at the May 27 high of $104.50.
The immediate resistance is at the 61.8 percent projection level of $105.16, which will temporarily block the way towards the 76.4 percent level of $106. Most likely, oil will start a shallow correction towards $104.30, a trendline support, when it reaches $105.16.
The views expressed are his own.
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