Technical analysis: US oil seen retesting resistance at $100.06

what happened

Reuters analyst Wang Tao expects the December US oil contract to retest resistance at $100.06 per barrel. A move above that level could open the way to $101.37. In his reading, the decline from $101.37 looks like a triangle that may turn out to be a bullish continuation pattern, since it followed an uptrend.

According to the author, a break above $99.25 would confirm the bullish triangle, while a drop below $96.88 could lead to a move into the $94.51–$95.82 range. On the daily chart, the uptrend remains intact inside a rising channel, and the analysis points to a target near $107.87 and the 261.8% projection level based on waves from $66.98 and $71.12. The recent consolidation is viewed as a pullback toward the September 15 high at $96.41.

The analysis is published on the Workspace platform of the London Stock Exchange and reflects the personal views of its author. It is not investment advice.

why it matters

The piece reflects one analyst's view and relies on price levels rather than supply and demand data. For market participants, the behavior of prices in the $96–100 zone matters, since such levels often serve as reference points for stop orders and short-term decisions in US oil futures.

market impact

US oil: key levels near $96–100 frame the technical picture for WTI traders

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