U.S. oil may retest resistance at $92.89
XLE•Projection analysis from wave (c)
A projection analysis on a wave (c) from $74.30 indicates the target of $94.52, which has been confirmed, as the market has climbed above the lower resistance at $90.66.
Support and bullish wedge targets
Support is at $91.51, a break below which may trigger a fall into the $90.12-$90.65 range.
On the daily chart, a bullish wedge has been confirmed, suggesting a target range of $94.52 to $97.16.
Oil may retest resistance at $92.89
U.S. oil CLc1 may retest a resistance at $92.89 per barrel, a break above which could lead to a gain into the $93.74-$94.27 range.
The uptrend from $80.66 remains intact. It consists of five waves. So far, only four waves have unfolded. Riding on a wave (5), the trend is extending toward $93.74, its 361.8% projection level.
