TECHNICALS — US oil may retrace into $90.48 — $91.59 range

For more technical analyses, click TECH/C SINGAPORE, Oct 13 (Reuters) — US oil may retrace into a range of $90.48-$91.59 per barrel, following its failure to break resistance at $94.61. A projection analysis on the uptrend from $87.93 reveals this barrier at the 161.8% level, which is strengthened by a similar one of $94.48, the 38.2% retracement of the downtrend from $106.75 to $86.90. The retracement analysis indicates a target of $91.59, the 23.6% level, while a rising trendline points at $90.48. Immediate resistance is at $93.64, a break above which may lead to a gain into $94.61-$96.83 range. On the daily chart, the false break above the resistance at $93.22 suggests either a consolidation below this level or a continuation of the downtrend from $106.78. Key support is at $90.02, a break below which may open the way toward $83.34-$86.06 range. 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 provided by London Stock Exchange. * No information in this analysis should be considered as being business, financial, or legal advice. Each reader should consult