Brent oil may extend its gains to $95.29 per barrel, as it has climbed above the 114.6% projection level of $93.76.
Indeed, after travelling above $92.82, this wave is highly likely to unfold into a target zone of $95.29 to $96.82.
A retracement analysis on the fall from $95.80 to $83.65 reveals a break above the 76.4% level of $92.93.
The break opened the way towards $95.80. A break below $92.80 may be followed by a drop into $91.29-$91.94 range.
Brent oil may extend gains to $92.82
On the daily chart, oil has broken a strong resistance zone of $92.09 to $93.44.
The current bounce may roughly match the one from the August 17 low of $91.51, to extend towards $99.51.
A short falling channel and the lower trendline of a triangle suggest a target around $97.
The wave (C) from $125.19 looks incomplete, as suggested by its structure.
It may resume when the bounce ends somewhere below $99.51.
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