US oil poised to revisit Oct. 20 high of $101.37

By Reuters News

SINGAPORE, Oct 23 (Reuters) - US oil December contract is poised to revisit its Oct. 20 high of $101.37 per barrel, as it has cleared the final barrier at $100.06 toward this high.

The barrier is identified as the 14.6% retracement of the uptrend from $92.39. A bullish triangle has been confirmed, suggesting a higher target of $104.11, which is indicated by a projection analysis on the uptrend from $97.94.

A break below $100.06, now a support, may trigger a fall into the $97.94-$99.25 range. On the daily chart, the uptrend remains intact within a rising channel, which suggests a target around $107.87.

A projection analysis on the uptrend from $71.12 suggests the same target, the 261.8% level.


* 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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