WTI Oil Technical Analyses: U.S. oil may break a resistance at $86.20 per barrel, and rise into a range of $87.30-$88.80.
Image source: Thomson Reuters
The bullish momentum is pretty strong, as illustrated by the consecutive gains over the past few days. The contract could be riding on a wave 5, which may travel to $90.41.
The depth of the correction from the Aug. 10 high of $84.89 suggests a higher target of $92. Support is at $84.60, a break below which could be followed by a drop into $82-$83.30 range.
On the daily chart, a projection analysis on the uptrend from $66.80 reveals several targets ranging from $87.47 to $90.60.
Support is at $84.74, a break below which could open the way towards $82.13-$83.44 range.
Image source: Thomson Reuters
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- Wang Tao is a Reuters market analyst for commodities and energy technicals. The views expressed are his own.
- No information in this analysis should be considered as being business, financial or legal advice. Each reader should consult their professional or other advisers for business, financial or legal advice regarding the products mentioned in the analyses.
