Brent oil may test a support at $94.41 per barrel, a break below which could cause a fall into $91.51-$93.30 range.
The contract failed twice to break a resistance at $97.32.
The failures suggest a completion of the wave c, despite that this wave is capable of travelling to $99.11.
Only a break above $97.32 could confirm the extension of the wave c towards $99.11.
Brent oil may retest support at $91.90
On the daily chart, a doji formed on Aug. 19, signalling an exhaustion of the rise from the Aug. 17 low of $91.51.
Oil may pull back towards $93.44.
A close below this level on Monday may signal a continuation of the downtrend towards $83.63-$89.28 range.
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