US oil may retest support at $88.78
USO•US oil may retest support at $88.78 per barrel; a break below could trigger a fall to $87.62.
USO•USO•USO•US oil may retest support at $88.78 per barrel; a break below could trigger a fall to $87.62.
US oil may retest support at $88.78 per barrel, and a break below it may trigger a fall to $87.62. The wave (c) from $93.69 looks incomplete and is supposed to reach $85.75, the 100% projection level. The support at $88.78 still holds, but the bounces it has triggered have become weaker.
A break above $90.66 may lead to a gain into the $91.82-$92.53 range. On the daily chart, a bounce from support at $90.02, a 61.8% retracement, has formed a wedge. Because the market repeatedly pierced below $90.02, the pattern may be a bearish continuation pattern, followed by another deep fall.
