Brent oil may break a support at $99.11 per barrel, and fall into a range of $96.21 to $98.08. The contract failed to break a resistance at $102.01, after a few persistent attempts.
The deep drop on Thursday tightly followed the one on Wednesday.
Such a frequent drop strongly suggests an exhaustion of the wave c, which looks incapable of travelling to its ultimate target of $103.81.
The disappointing fact to bulls could be that this wave has ended around $102.01 prematurely. Resistance is at $100.90, a break above may lead to a gain to $102.01-$103.81 range.
On the daily chart, the drop on Thursday looks like a pullback towards $99.51 at first sight.
Brent oil rise into $102.01-$103.81 range
However, a bearish engulfing pattern indicates a completion of the rise from the August 17 low of $91.51. Oil is expected to retreat towards $93.44.
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