TECHNICALS-US oil to rise toward $90.96

SINGAPORE, July 23 (Reuters) - U.S. oil CLc1 may break resistance at $88.83 per barrel and rise toward $90.96.

A rising wedge is developing, the upper trendline of which points at a target of $90.96, the 223.6% projection level of uptrend from $70.80.

The resistance only triggered a shallow correction which has been almost reversed. The depth of the correction indicates the target of $90.96 as well.

Support is at $87.60, a break below which may cause a fall into the $85.38 to $86.70 range. On the daily chart, the market has broken a resistance at $86.48, the 61.8% projection level of a downtrend from $109.54.

The break opened the way toward the $90.88 to $95.29 range.