Technicals-US oil may retest support at $100.98

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SINGAPORE, Sept. 17 (Reuters) - U.S. oil CLc1 may retest support at $100.98 per barrel, a break below which could trigger a fall into the $98.74-$99.27 range.

A false break above the upper trendline of a wedge was confirmed as a top pattern by the deep fall during the previous trading session.

The fall also marked the reversal of an uptrend from $79.62. Four waves make up the trend. The bottom of wave (4) is around $88.74, which serves as one of the aggressive targets.

A realistic target is $98.74, the 500% projection level of the uptrend from $80.66. Resistance is at $102.88; a break above which may lead to a gain into the $103.74-$104.59 range.

On the daily chart, the market repeatedly failed to break the $104.63-$107.01 resistance zone. The failures suggest the formation of a top.

Given the lack of a meaningful correction after the rise from $79.62 and the bearish divergence on the daily RSI, the market may retrace further, following Wednesday's drop.