US oil may test resistance at $90.88
XLE•Technical view on US oil
SINGAPORE, Sept 23 (Reuters) - US oil's November contract CLX26 may test a resistance at $90.88 per barrel; a break above which could lead to a weak gain to $91.85.
The contract managed to stabilize around a support at $89.19 twice. The stabilization suggests the formation of a temporary bottom.
The market may bounce moderately before falling again, as a projection analysis on a wave c from $98.02 reveals a target zone of $86.46-$88.15, formed by the 161.8% and the 138.2% levels.
