SINGAPORE: Brent oil may test a resistance at $104.17 per barrel, a break above which could lead to a gain into $106.21-$108.24 range.
It is not very clear how many waves make up the fall from $114.84. It could consist of only three waves.
Under this scenario, the fall is over.
Oil may rise towards $108.24-$114.84 range. Under a five-wave scenario, the current bounce is driven by a wave d, which will be reversed by a downward wave e.
One signal is clear that oil has broken a resistance at $101.65.
It is expected to test the next resistance at $104.17.
Brent oil may fall into $99.92-$101.65 range
A break below $99.92 could cause a fall into $95.05-$97.57 range.
On the daily chart, the current fall is classified as a part of a big correction from $139.13.
It could be also be regarded as a part of a wedge. The focus is on a pivotal level of $97.57.
The uptrend is likely to resume if oil could hover above this level.
A break could signal the extension of the downtrend towards $82.05.
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