US oil may extend gains to $100.76
XLE•Technical analysis points to higher oil targets
SINGAPORE, Sept 10 (Reuters) - U.S. oil CLc1 may extend gains to $100.76 per barrel, driven by a wave c.
A projection analysis reveals that this wave has briefly travelled above the 86.4% level of $97.16. It is highly likely to extend to the 100% projection level of $100.76.
A confirmed bullish wedge indicates a slightly higher target of $104. A retracement analysis on the downtrend from $119.16 to $67.05 reveals strong resistance at $99.25, the 61.8% level.
The market may fail to overcome this barrier at its first attempt, as it is strengthened by the resistance at $100.76. A correction is likely to occur around these levels.
On the hourly chart, as long as the market stays above support at $95.12, the uptrend will be considered intact. A break below this level may trigger a fall into the $93.74-$94.27 range.
