Brent oil may revisit its Thursday low of $101.50 per barrel, as the correction from the Tuesday high of $107.61 looks incomplete.
The correction may extend to $98.50, under the assumption of a developing inverted head-and-shoulders.
The right shoulder is expected to be roughly symmetrical to the left shoulder.
A more bearish view is that the downtrend from the June 14 high of $125.19 has resumed. The trend could then extend below $94.50.
Brent oil may test a support at $104.49
Resistance is at $105.68, a break above may lead to a gain to $107.46.
On the daily chart, oil has broken a support at $104.41. It may fall towards the next support at $99.51. The fall could be classified as a pullback towards the trendline, which may extend to $99.51.
A stabilization of the price around this level could bring some hope for a rise towards $109.31 again.
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