Brent oil may test a resistance at $93 per barrel, a break above which could lead to a gain to $94.54.
The strong rise on Wednesday extended above a falling trendline, suggesting a reversal of the downtrend from $98.75.
There is early indication of the uptrend from $83.69 having resumed, as the current rise is mathematically related to the trend.
Oil seems to have completed a pullback towards the trendline.
It is poised to climb towards $94.54, driven by a wave C from $88.77.
A break below $90.97 could confirm the continuation of the downtrend from $98.75, towards $88.77.
Brent oil may end bounce around $91.22 and retest $88.55
On the daily chart, the gain on Wednesday looks like a pullback towards a rising trendline, sending a conflicting signal with the one on hourly chart.
The performance of the market on Thursday will be crucial in evaluating the direction over the next one or two weeks.
A close of the price below $89.28 will heighten the bearish sentiment while a close above $93.44 may signal a further gain over the next few days.
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