Brent oil may test a resistance at $95.29 per barrel, a break above which could lead to a gain into $96.06-$96.82 range.
The current wave c is expected to extend into a range 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 decent correction or a trend reversal is expected to occur in the zone of $95.80-$96.82.
The divergence on the hourly RSI sends the early signal of these moves.
Brent oil may extend gains to $95.29
A break below $93.76 may open the way towards $91.94-$92.82 range. On the daily chart, oil has broken a strong resistance zone of $92.09 to $93.44.
The break suggests a further rise towards $99.51.
However, as a safe strategy, it is better to lower the target to $97, as suggested by a short falling channel and the lower trendline of a triangle.
The wave (C) from $125.19 may resume when the bounce ends below $99.51.
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