US oil may fall into $92.08-$92.83 range
USO•US oil may fall to $92.08-$92.83 per barrel after a bounce from $86.86 may have ended, while a break above $94.52 could open a move to $95.16-$96.03.
1. Technical levels
The contract failed to break resistance at $93.03 and broke a rising trendline, which the analysis says confirms the end of the wave c and reversal of the uptrend from $86.86. A break above $94.52 may lead to $95.16-$96.03. On the daily chart, the uptrend from $67.04 is presumed steady, but resistance at $96.42 may prompt a trendline retest. Support is at $90.02; a break below could confirm a downtrend extension from $106.75 toward $79.66.
