U.S. oil may rise further to $86.61
XLE•Reuters analyst note
* Wang Tao is a Reuters market analyst for commodities and energy technicals. The views expressed are his own. His analyses are exclusively published on the Workspace platform - London Stock Exchange product.
Technical outlook for U.S. oil
SINGAPORE, Aug. 18 (Reuters) - U.S. oil CLc1 may rise further to $86.61 per barrel, driven by a wave c.
This wave started at $80.14. It is expected to extend gains into a wide range of $86.61 to $90.61, formed by its 61.8% and the 100% projection levels.
Support is at $84.14, a break below which may be followed by a fall to $82.61. Strategically, the target of $86.61 will be confirmed when the market breaks $85.37.
On the daily chart, a retracement analysis on the rise from $67.23 marks a target of $87.50, the 23.6% level, as the contract has broken a resistance at $83.63.
The market is presumed to be riding on an upward wave c, which could travel above $93.76.
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