SINGAPORE: US oil may fall to $79.11 per barrel, as it has completed a bounce from the Sept. 26 low of $76.25.
The completion followed two failures of oil to break a falling trendline and a resistance at $82.75.
The intact trendline suggests a steady downtrend from $90.19.
The bounce adopted corrective mode, which increases the chance of the price to revisit the low of $76.25.
Oil up near $90 as OPEC+ considers output cut
A break above $82.75, which looks unlikely, may lead to a gain to $84.37.
On the daily chart, a wave C from $104.46 looks incomplete.
It is expected to extend to $73.93. It makes a part of a bigger wave C from $123.68, which could eventually travel to $62.89.
The black spinning top on Thursday reflects a dissipation of the bullish momentum. Oil may resume its downtrend on Friday.