Brent oil still targets $109.78-$110.51 range

Brent oil still targets a range of $109.78-$110.51 per barrel, driven by a wave c.

The uptrend from $94.50 looks incomplete.

The trend consists of three waves. The current wave c is expected to travel to $109.78, its 100% projection level.

The contract may extend its gains to $110.51, as a retracement analysis on the fall from $120.41 reveals a break above $107.46.

The break opened the way towards $110.51.

The pattern from the July 6 low of $98.50 looks like an inverted head-and-shoulders, which will be confirmed when oil climbs above the target zone.

It will suggest an aggressive target of $120.41.

Brent oil may rise into $109.78-$110.51 range

Support is at $106.67, a break below which could be followed by a drop into $104.75-$105.71 range.

On the daily chart, the nature of the rise from $94.50 remains unclear.

This rise could be a part of a big wave (C) from $125.19, or a continuation of a medium-term uptrend.

These two classifications would lead to two opposite outlooks.

As far as the short-term perspective is concerned, oil may rise into $110.51-$114.30 range.