Technicals-US oil may fall into $81.28 to $82.64 range
XLE•Trend outlook
The intact trendline signals either a deep correction or a continuation of the downtrend from $117.63. Trending signals have temporarily turned neutral.
Resistance and support levels
Resistance is at $86.20, a break above which may lead to a gain into a wide range of $87.04 to $90.60, as the contract may cover a gap forming on Monday.
On the daily chart, the market failed to break a falling trendline, but broke a support at $86.48. It is supposed to test the next support at $81.04.
Reuters technical view on U.S. oil
SINGAPORE, July 27 (Reuters) - U.S. oil CLc1 may fall into a range of $81.28 to $82.64 per barrel, driven by a wave c.
The fall from $93.50 consists of three waves. The current wave c has briefly travelled below its 123.6% projection level of $83.48. It is expected to extend into the range of $81.28 to $82.64.
