U.S. oil may retest resistance at $92.09

SINGAPORE, Sept. 2 (Reuters) - U.S. oil CLc1 may retest a resistance of $92.09 per barrel, a break above which could lead to a gain into the $92.89-$93.74 range.

The correction triggered by the resistance might have been driven by a wave 4, the fourth wave of a five-wave cycle from $86.22.

This wave is expected to be reversed by the following wave 5, which is capable of travelling far above $92.09. Immediate support is at $90.65, a break below which may cause a shallow correction into the $89.70-$90.12 range.

On the daily chart, a wedge has been confirmed, suggesting a target range of $94.52 to $97.16. A projection analysis on a wave (c) from $74.30 indicates a target of $94.52, as this wave has travelled above the key resistance at $90.66.

The correction on the hourly chart looks like a pullback towards $90.66, now a support.