TECHNICALS — US oil may fall into $92.08 — $92.83 range

For more technical analyses, click TECH/C SINGAPORE, Oct 15 (Reuters) — US oil may fall into a range of $92.08 to $92.83 per barrel, as a bounce from $86.86 may have completed. The completion was indicated by the contract's failure to break a key resistance at $93.03, the 100% projection level of a wave c from $89.64, which serves as the one of this wave's endpoints. The market broke a rising trendline. The break confirms a completion of the wave c, and thus the reversal of the uptrend from $86.86. A break above $94.52 may lead to a gain into $95.16-$96.03 range. On the daily chart, the uptrend from $67.04 is presumed to be steady. It appears to have continued. However, due to a resistance at $96.42, the market may retest the trendline. Key support is at $90.02, a break below could confirm the extension of the downtrend from $106.75 toward $79.66, the bottom of a wave (c). 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. E