US oil to slide further into $92.70-$94.13 range
USO•The US oil contract is expected to fall further into a $92.70-$94.13-per-barrel range, with a projected wave potentially reaching $90.76.
1. Technical outlook
The analysis says the contract could fall from $105.03 in a wave C move, which is capable of reaching its 100% projection level at $90.76. It says the contract has briefly extended below $96.21 and is unlikely to end around that level.
2. Key levels
Resistance is at $97.90; a break above it may lead to a gain into the $99.58-$101.66 range. On the daily chart, the market is about to break support at $95.83, while a break could open the way to $89.97-$92.35.
