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Brent oil may fall into a range of $96.32 to $97.76 per barrel, as it could have completed a bounce within an expanding wedge. Five small waves make up the pattern.

The wave v may have ended around the upper trendline. Over the next few days, oil may retrace towards the lower trendline support around $94.89.

This wedge is defined as a bearish continuation pattern.

The downtrend from $110.67 is expected to resume. A break above $100.63 may lead to a gain to $102.41.

On the daily chart, the bounce from the Aug. 5 low of $92.78 is regarded as a pullback towards a resistance zone of $98.95 to $99.51.

A break above this zone will open the way towards a range of $103.43-$104.41.

However, this scenario is less favoured.

Oil rises as IEA hikes 2022 demand growth forecast

Two projection analyses on the downtrend from $125.19 and the trend from $110.67 suggest a target zone of $79.98-$83.63.

A more likely scenario will be that oil may drop towards $95.33, in consideration that the bounce shows signs of completion on the hourly chart.

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