SINGAPORE, July 23 (Reuters) - U.S. oil CLc1 may break resistance at $88.83 per barrel and rise toward $90.96.

A rising wedge is developing, the upper trendline of which points at a target of $90.96, the 223.6% projection level of uptrend from $70.80.

The resistance only triggered a shallow correction which has been almost reversed. The depth of the correction indicates the target of $90.96 as well.

Support is at $87.60, a break below which may cause a fall into the $85.38 to $86.70 range. On the daily chart, the market has broken a resistance at $86.48, the 61.8% projection level of a downtrend from $109.54.

The break opened the way toward the $90.88 to $95.29 range.

* Wang Tao is a Reuters market analyst for commodities and energy technicals. The views expressed are his own. His analyses are exclusively published on the Workspace platform - London Stock Exchange product.

** 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. ​