US oil may retest support at $91.81
USO•US oil may retest support at $91.81 per barrel; a break below could trigger a fall into the $88.72-$90.63 range.
1. Support and resistance
US oil may retest support at $91.81 per barrel, and a break below that level may trigger a fall into the $88.72-$90.63 range. A bounce from $88.72 appears to have completed after the contract failed to rise above the recent high of $96.79, suggesting the downtrend from $106.75 may have resumed. Immediate resistance is at $93.71; a break above could lead to a gain into the $94.89-$95.61 range.
