TECHNICALS — US oil may test resistance at $102.88

For more technical analyses, click TECH/C SINGAPORE, Sept 18 (Reuters) — U.S. oil may test resistance at $102.88 per barrel, following its stabilization around a support and a rising trendline. The stabilization indicates either the completion of the correction from $106.75, or a resumption of the uptrend from $79.62. Another possibility is the first part of the correction has completed. A break above $102.88 may lead to a gain into $103.74-$104.59 range. On the daily chart, the correction from $106.75 might have been driven by a wave 4, the fourth wave of a five-wave cycle from $79.62. This wave is supposed to be weak, considering that preceding wave 2 was very brief. The long-shadowed hammer on Thursday indicates the completion of the wave 4, or its first part. A bounce on Friday and next Monday would be highly likely. Wang Tao is a Reuters market analyst for commodities and energy technicals. The views expressed are his own. His analyses are published exclusively on the Workspace platform, a London Stock Exchange product. * 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