Brent oil may bounce into a range of $101.10-$102.66 per barrel, as it has found a support at $94.69.
The support is identified as the 161.8% projection level of a downtrend from $114.72.
The strong reaction of the market around this support suggests the completion of a five-wave cycle from $120.41.
A retracement analysis on the fall from $107.70 reveals a target zone of $101.10-$102.66.
Brent oil may test support of $97.61
Further extension of the bounce is likely.
It will be confirmed when oil breaks $102.66.
Support is at $97.62, a break below which could trigger a drop to $94.50.
On the daily chart, it is the support at $93.44, the 76.4% projection level, that caused the bounce.
The long-shadowed doji on Thursday indicates a further bounce.
With oil having pierced above $99.51, it is expected to climb towards $104.41.
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