US oil may retest support at $88.66
USO•US oil may retest support at $88.66 per barrel; a break below could trigger a fall to $87.41. A move above $90.16 may lead to gains into the $90.70-$91.47 range.
1. Oil support levels
US oil may retest support at $88.66 per barrel, with a break below potentially triggering a fall to $87.41. The support is identified as the 114.6% projection level of a wave c from $94.76; the wave may extend into the $86.15-$87.41 range.
2. Daily chart levels
A break above $90.16 may lead to a gain into the $90.70-$91.47 range. On the daily chart, the contract has broken support at $90.02, opening the way toward the $83.34-$86.06 range.
