U.S. oil may test support at $90.65

A projection analysis on a wave (c) from $74.30 indicates the target of $94.52 as well. The correction on the hourly chart is considered a pullback toward $90.66.

The cycle is a part of an uptrend from $79.62, which is expected to resume upon the completion of the current correction.

A break above $92.09 may lead to a gain into the $92.89-$93.74 range. On the daily chart, a wedge has been confirmed, suggesting a target range of $94.52 to $97.16.

U.S. oil CLc1 may test a support at $90.65 per barrel, a break below which could cause a fall to the $89.27-$89.70 range.

A five-wave cycle from $82.25 seems to have completed around a resistance at $92.89. The bottom of wave 4 around $89 serves as a target.