U.S. oil may break resistance at $100.41 per barrel and rebound slightly more to $101.01, following the completion of a five-wave cycle. The cycle started at the June 25 high of $107.50. Based on the length of wave 1, the first component of the cycle, a Fibonacci projection analysis reveals support at $99.33 – the 238.2 percent level, and resistance at $100.41, the 200 percent level. A Fibonacci retracement analysis on the cycle indicates an extension of the rebound to $101.01, the 23.6 percent level. It is unlikely that oil will break above $101.01 and bounce further to $102.25, the 38.2 percent level.
Posted on: Wed, 16 Jul 2014 10:51:21 +0000
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