U.S. oil poised to rise toward $87.97

SINGAPORE, Sept. 1 (Reuters) - U.S. oil CLc1 is poised to break a resistance of $86.86 per barrel, and rise toward $87.97.

A correction triggered by the resistance at $86.86 has been swiftly reversed. The reversal suggests a continuation of the uptrend from $79.62.

In addition to a series of retracements on the uptrend from $74.33 to $89, the market is observing a set of projection levels on the rise from $80.66.

Support is at $86.08, a break below which could trigger fall toward $85.13. On the daily chart, the contract has broken a resistance at $84.41. It is testing the next resistance at $87.53.

The break suggests a continuation of the uptrend from $67.04. A projection analysis reveals a target zone of $87.53 to $90.66.

A wedge suggests a much higher target range of $94.52 to $97.16, subject to a break above $87.53.