US oil may fall into $90.45-$91.61 range
USO•US oil may fall to $90.45-$91.61 per barrel, facing resistance at $93.49. A break above that level may open a path to $94.66-$95.45.
1. Resistance and support
A technical analysis of the downtrend from $96.53 identifies resistance at $93.49, where the contract appears to have lost momentum. The earlier resistance at $92.55 prompted a correction, and the current barrier is considered stronger and likely to trigger another one.
2. Breakout scenario
A move above $93.49 may lead to $94.66-$95.45. On the daily chart, analysis of the rise from $79.66 to $106.78 marks support at $90.02, also aligned with a rising trendline; the longer oil remains above that level, the more likely the uptrend resumes.
