Brent oil may rise to $99.11 per barrel, driven by a wave c. This is the third wave of a presumed irregular flat that developed from the August 5 low of $92.78.
Following its two failures to break a resistance at $97.32, oil is poised to overcome this barrier and climb towards $99.11.
The rise may pause around the resistance at $99.11, which is strengthened by a similar one of $98.95.
A correction may occur as well. Support is at $96.21, a break below which may cause a fall into $94.41-$95.31 range.
Brent oil may test support at $94.41
On the daily chart, a bottom seems to be developing around a support at $93.44, as oil failed three times to break it.
How effective this bottom will be is subject to a further observation.
The immediate target is $99.51, only a break above which could put a high value on this bottom.
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