US oil may test support at $97.36

SINGAPORE, Sept 21 (Reuters) - U.S. oil CLc1 may test support at $97.36 per barrel, a break below could open the way toward $95.12-$96.50.

The uptrend from $79.62 has reversed, as indicated by the deep fall from $106.75 and a break below the rising trendline. The current fall still observes precisely a series of projection levels on the uptrend from $80.66.

The fall is riding on a wave c, which could travel to $95.81, the 100% projection level, as it has extended below the 61.8% projection level of $98.74.

A break above $98.74, now a resistance, may lead to a gain into the $99.27-$100.12 range. On the daily chart, the contract is about to test the support at $96.42.

A break could open the way toward $90.02, as suggested by a channel technique. A stabilization of the prices around this level would increase the chance of the uptrend to resume.