US oil to retest resistance at $100.06
USO•The US oil December contract is expected to retest resistance at $100.06 per barrel; a break above could lead to $101.37, while the daily chart points to a target around $107.87.
1. Resistance and targets
The US oil December contract is expected to retest resistance at $100.06 per barrel. A break above could lead to $101.37, while a break below $96.88 may trigger a fall into the $94.51-$95.82 range. The consolidation over the past few days is considered a pullback toward $96.41.
2. Daily chart outlook
The uptrend remains intact within a rising channel on the daily chart, suggesting a target around $107.87. A projection based on wave 1 from $66.98 and the wave 2 bottom at $71.12 points to the same target, the 261.8% level.
