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Brent oil may test a support of $103.67 per barrel, a break below which could cause a fall into $100.03-$101.70.

The contract failed twice to break a resistance at $106.87.

The failures suggest the completion of a pullback towards a rising trendline.

The downtrend from $120.41 remains intact, which is riding on a wave (C) that could travel to $91.03.

Another projection analysis on the fall from $120.41 indicates a higher target of $94.69. A break above $106.87 may lead to a gain to $109.46.

Oil rises 2% but set for weekly loss amid recession fears

On the daily chart, the doji on Monday confirmed a completion of a bounce from the July 7 low of $98.50.

Over the next few days, oil may fall towards this low, as it rides on a wave (C) from $125.19, which is likely to travel to $83.63.

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