SINGAPORE: Brent oil may retest a support at $100.33 per barrel, a break below could cause a fall into the range of $95.87 to $96.93.
The deep fall on Wednesday confirmed a continuation of the wave c towards $95.87, its 100% projection level.
The support at $100.33 triggered a moderate bounce which may end around $103.09.
A retracement analysis on the downtrend from $139.13 to $96.93 reveals a break below the 14.6% level of $103.09, which served as the last barrier towards $96.93.
A break above $103.09 may lead to a gain at $105.32.
On the daily chart, the correction from the March 7 high of $139.13 is shaped into a triangle, the lower trendline of which suggests a target around $97.66.
Brent oil may gain more to $113.05
It is hard to tell the nature of this triangle, which could turn out to be a bullish continuation pattern or a top pattern.
Against all uncertainties is a high possibility that oil may start a decent bounce when it falls to $97.66.
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