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US oil to bounce into $88.61-$90.56 range

By Reuters News

SINGAPORE, Nov 11 (Reuters) - US oil is expected to bounce into a range of $88.61-$90.56 per barrel, as it has stabilized around a support zone of $83.45-$84.40.

The zone is formed by the 61.8% retracement of the uptrend from $66.75 to $110.48 and the 50% projection level of a wave C from $110.48.

Either of these supports is strong enough to trigger a decent bounce. The small doji forming during the previous trading session is indeed the early signal of the bounce.

On the hourly chart, the market is about to break a resistance at $86.63 and a falling trendline. The break could open the way toward the $87.52-$88.96 range, which is slightly lower than the target range on the daily chart.

Support is at $85.18, a break below which could trigger a fall into the $82.85-$84.02 range.


* 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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