Brent oil may retest a resistance at $107.60 per barrel, a break above which could lead to a gain to $109.85.
The contract has broken a resistance at $106.22. The break opened the way towards $109.85.
A projection analysis on the current wave c reveals an immediate resistance at $107.60, which temporarily stops the rise.
The wave c could either end around $107.60 or extend into $110.71-$112.63 range.
Brent oil may test support at $97.62
Given that the downtrend from $125.19 may have reversed, this wave is highly likely to extend towards $110.71.
A break below $105.68 may trigger a drop into $103.53-$104.49 range.
On the daily chart, oil has broken a resistance at $104.41. It may rise to $109.31.
A pullback towards a falling trendline has been absent ever since this trendline was broken.
The pullback may occur around $109.31.
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