Brent oil may retest a support at $91.90 per barrel, a break below which could trigger a drop to $90.24.
The downtrend from $110.67 remains intact. It may extend into a range of $82.72-$85.59, as suggested by a projection analysis on the fall from $102.41.
Even a bearish wedge indicates a target around $88.46. This pattern is a part of a more bearish flag which suggests a much lower target of $82.72.
The bounces triggered by the support at $93.11 and $91.90 look weak.
They have little impact on the downtrend. Resistance is at $94.89, a break above which may lead to a gain to $96.32-$97.76 range.
On the daily chart, oil has more or less broken a support at $93.44.
Brent oil may retest support at $91.90
Its sideways move around this level over the past two days is considered as a pullback.
Once the moderate consolidation is over, oil is expected to drop towards $83.63-$89.28 range.
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