Brent oil may test a support at $96.32 per barrel, a break below which could open the way towards $93.11-$94.89 range.
The contract has completed a consolidation within an expanding wedge, which is considered as a bearish continuation pattern.
Over the next one or two days, oil may retrace towards the lower trendline support around $94.89.
A further fall could confirm the continuation of the downtrend towards $90.24-$91.03 range.
A break above $98.55 may lead to a gain into a range of $99.54-$100.63.
On the daily chart, the bounce from the Aug. 5 low of $92.78 is classified as a pullback towards a resistance zone of $98.95 to $99.51.
Apparently, the pullback has completed.
Oil prices fall nearly $1/bbl as China data disappoints
The downtrend may have resumed towards the support at $93.44.
Eventually, oil may slide into a target zone of $79.98-$83.63, as indicated by two projection analyses on the downtrend from $125.19 and the trend from $110.67.
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