US oil to retrace to $102

日期:2014-07-26 06:52:32

US September oil is expected to break support at $102.66 and retrace further to $102 per barrel, as indicated by a Fibonacci retracement analysis and a rising channel.

The support is provided by the 50 percent Fibonacci retracement on the fall from the June 25 high of $106.64 to the July 15 low of $98.68. Oil seems to have been bouncing up and down within the rising channel from July 17, the lower channel line of which points to a target at $102.

Resistance is at $103.60, a break above which will open the way towards $104.76, the 76.4 percent retracement.

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 his or her own professional or other advisers for business, financial or legal advice regarding the products mentioned in the analyses.

Source: Reuters

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