Technicals-US oil may test resistance at $102.88

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SINGAPORE, Sept 18 (Reuters) - U.S. oil CLc1 may test resistance at $102.88 per barrel, following its stabilization around a support and a rising trendline.

The stabilization indicates either the completion of the correction from $106.75, or a resumption of the uptrend from $79.62.

Another possibility is the first part of the correction has completed. A break above $102.88 may lead to a gain into $103.74-$104.59 range.

On the daily chart, the correction from $106.75 might have been driven by a wave 4, the fourth wave of a five-wave cycle from $79.62.

This wave is supposed to be weak, considering that preceding wave 2 was very brief. The long-shadowed hammer on Thursday indicates the completion of the wave 4, or its first part. A bounce on Friday and next Monday would be highly likely.