TECHNICALS — US oil may retest resistance at $98.47

For more technical analyses, click TECH/C SINGAPORE, Oct 16 (Reuters) — US oil may retest a resistance at $98.47 per barrel, a break above which could lead to a gain into the $99.22 to $99.97 range. A projection analysis on a wave c from $89.64 reveals a target zone of $98.47 to $99.97, formed by the 138.2% and the 161.8% levels. A channel technique suggests a much higher target around $102.41. Before retesting $98.47, the contract may retrace moderately into a support range of $96.03 to $96.47 range. On the daily chart, the uptrend from $67.04 could have continued. It is expected to extend into a range of $100.38 to $102.82, as the resistance at $96.42 has been broken. The correction on the hourly chart is classified as a pullback toward $96.42, now a support. 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 his or her own professional or other advisers for business, financial, or legal advice r