US oil to extend loss into $81.94-$85.31 range
USO•US oil is expected to extend its loss into a range of $81.94 to $85.31 per barrel, with another analysis suggesting a target zone of $83.43 to $84.40.
1. Technical price targets
The analysis says oil’s decline from $105.03 has moved below the $87.39 projection level and is highly likely to extend into the $81.94-$85.31 range. Immediate resistance is at $88.68; a break above it may lead to a gain to $90.76. On the daily chart, the fall could be a retracement of the five-wave cycle from $66.75 or a continuation of the downtrend from April’s $117.63 high.
