U.S. oil is expected to seek support at $103.96 per barrel, which - TopicsExpress



          

U.S. oil is expected to seek support at $103.96 per barrel, which may trigger a rebound towards $107.45. The wave pattern on the hourly chart and the drop on Thursday indicate the completion of a five-wave cycle rising from the June 24 low of $92.67. A Fibonacci retracement analysis on the cycle reveals a support at $103.96, the 23.6 percent level, which will temporarily stop the current fall. This support will hold, not because it is strong, but because a drop at its beginning phase is generally weak. The expected rebound could be strong enough to approach $107.45. A break below $103.96 will open the way towards $101.80, the 38.2 percent retracement.
Posted on: Fri, 12 Jul 2013 09:04:35 +0000

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