US oil may extend bounce into $91.82-$92.53 range
USO•US oil may extend its bounce to $91.82-$92.53 per barrel if it breaks resistance at $90.66; a fall below $89.72 may take it to $87.62-$88.78.
1. Technical levels
A channel technique and projection analysis point to a possible rise into the $91.82-$92.53 range. The zone would be confirmed by a break above immediate resistance at $90.66, while a break below $89.72 may trigger a decline to $87.62-$88.78. On the daily chart, the market climbed into a triangle after briefly falling below it; a move above $90.02 may make the pattern bullish.
