US oil may fall into $90.45-$91.61 range

By Reuters News

SINGAPORE, Oct 2 (Reuters) - US oil may fall into a range of $90.45 to $91.61 per barrel, as it faces a strong resistance at $93.49.

A retracement analysis on the downtrend from $96.53 reveals this key barrier, around which, the contract seems to have lost its momentum.

The former resistance at $92.55, the 50% level, caused a decent correction. The current resistance is supposed to be stronger, likely to trigger another one.

A break above $93.49 may lead to a gain into the $94.66-$95.45 range. On the daily chart, a retracement analysis on the uptrend from $79.66 to $106.78 marks a strong support at $90.02, the 61.8% level.

Strengthening the support is a similar one established by a rising trendline. The longer the market hovers above this level, the more likely the uptrend resumes.

* Wang Tao is a Reuters market analyst for commodities and energy technicals. The views expressed are his own. His analyses are published exclusively on the Workspace - platform provided by London Stock Exchange.

** 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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