US oil poised to revisit Oct. 20 high of $101.37
USO•US oil’s December contract cleared $100.06, putting it on course to revisit its Oct. 20 high of $101.37 per barrel. Technical analysis points to possible targets of $104.11 and, on the daily chart, around $107.87.
1. Technical levels
The December contract cleared the $100.06 barrier, identified as the 14.6% retracement of the uptrend from $92.39. A confirmed bullish triangle suggests a higher target of $104.11, based on a projection of the uptrend from $97.94.
2. Support and further target
A break below $100.06, now support, may trigger a fall into the $97.94-$99.25 range. The daily chart’s rising channel suggests a target around $107.87, also indicated by a projection analysis of the uptrend from $71.12 at the 261.8% level.
