SINGAPORE: Brent oil may retest a resistance at $112.93 per barrel, a break above which could lead to a gain into $115.30-$116.44 range.
The bounce triggered by the support at $108.12 may consist of five small waves, to be shaped into a triangle.
A break below $108.12 could open the way towards $105.67-$107.94 range.
On the daily chart, a retracement analysis reveals a support at $106.89, which triggered a bounce that may extend to $113.05.
However, the downtrend remains firm.
It is riding on a wave (C), which could travel to $96.93 or far below this level.