US oil poised to revisit September 15 high of $106.75
USO•US oil has broken resistance at $99.06 and is poised to revisit its September 15 high of $106.75 per barrel. A break below $99.06 may send it to $94.31-$96.68, while a move above $101.45 could open a target around $104.85.
1. Resistance and targets
US oil broke resistance at $99.06, identified as the 61.8% retracement of the downtrend from $106.75, confirming the resumption of the uptrend from $67.04. A break below $99.06, now support, may trigger a fall to $94.31-$96.68. On the hourly chart, a channel technique points to a target around $104.85 if the contract breaks $101.45; a further correction may be limited to $99.22-$99.97.
