US oil to revisit Tuesday high of $101.37
USO•US oil’s December contract is expected to revisit Tuesday’s high of $101.37 per barrel after recovering around support at $95.82.
1. Recovery and support levels
The December contract is expected to revisit its previous session’s high of $101.37 per barrel after stabilizing around support at $95.82 and rising strongly. Support is at $97.94; a break below it may trigger a fall into the $95.82-$96.88 range.
2. Chart targets
The daily chart suggests the contract may revisit its September 15 high of $106.75. The uptrend remains intact within a rising channel, with a realistic target zone of $101.24-$102.51 and a wave projection target of $107.87.
