US oil signals may fall into $87.62-$88.78 range
USO•US oil may break support at $89.72 per barrel and fall into the $87.62-$88.78 range after failing twice to break resistance at $92.53.
1. Support and resistance
The contract also faces resistance at $90.66; a break above that level may lead to a gain into the $91.82-$92.53 range. On the daily chart, it is barely above a rising trendline and support at $90.02.
2. Broader downside range
As long as the contract remains below resistance at $93.22, the market will be biased to break the trendline and fall into the $83.34-$86.06 range.
