The support is identified as the 86.4% retracement of the uptrend from $57.67 to $61.41, working as the last barrier towards $57.67.

The current fall could be regarded as a part of the consolidation between $57.67 and $61.41, or a continuation of the downtrend from the July 31 high of $65.42. In either case, oil is likely to fall to $57.67.

Resistance is at $59.10, a break above which could lead to a gain limited to $59.54.

On the daily chart, oil is falling towards a support at $57.19, the 50% projection level of a downward wave (C) from $75.60. This wave (C) could travel into a range of $38.79-$52.85. A flag also suggests a target at $52.85.

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** Wang Tao is a Reuters market analyst for commodities and energy technicals. The views expressed are his own.

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 regarding the products mentioned in the analyses. **