US oil may retest resistance at $98.47
USO•US oil may retest resistance at $98.47 per barrel, with a break above it potentially opening a move into the $99.22-$99.97 range. The analysis also identifies support at $96.03-$96.47 and a daily-chart target range of $100.38-$102.82.
1. Oil price levels
US oil may retrace to support between $96.03 and $96.47 before retesting resistance at $98.47 per barrel. A break above that level could lead to a gain into the $99.22-$99.97 range; a channel analysis suggests a target around $102.41.
2. Daily chart outlook
The analysis says the uptrend from $67.04 could continue toward $100.38-$102.82 after resistance at $96.42 was broken. On the hourly chart, the correction is classified as a pullback toward $96.42, now support.
