US oil to retest support at $85.31
USO•US oil is expected to retest support at $85.31 per barrel; a break could trigger a fall to $81.94. Resistance is at $87.39, with a break above it potentially opening a move to $88.68-$90.76.
1. Support and resistance
US oil is expected to retest support at $85.31 per barrel, and a break could trigger a fall to $81.94. Resistance is at $87.39; a break above it could lead to a gain into the $88.68 to $90.76 range.
2. Technical outlook
The analysis says a wave C from $105.03 looks incomplete and is highly likely to extend to $81.94. On the daily chart, Fibonacci analysis marks a target zone of $83.45 to $84.40, while the broader wave could travel into a range of $58.27 to $78.23.
