The support is provided by the 161.8 percent Fibonacci projection level of a downward wave C that started at the July 22 high of $105.25.
A small double-bottom is forming, but will only become reliable when oil breaks the resistance at $93.20, the 138.2 percent level.
The possible double-bottom, along with the bullish divergence on the hourly MACD, suggests a completion of the wave C or at least, an ongoing decent rebound.
A break below $91.14 will confirm the continuation of the wave C towards $87.81, the 200 percent level.
The views expressed are his own.
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