Brent oil may fall towards $91.51-$93.41 range

Brent oil may break a support at $94.81 per barrel, and fall towards $91.51-$93.41 range.

The steep drop over the past two days has reversed 76.4% of the rise from the low of $91.51.

Chances are oil may revisit this low. Five small waves make up the rise.

The wave 2 ended at $92.36, which serves as a target. Before breaking $94.81, oil may consolidate above this level for a while or bounce to $96.85.

Only a break above $96.85 could suggest a completion of the fall from $105.48 or the first part of this fall.

On the daily chart, oil is falling towards $93.44.

Brent oil may fall into $94.81-$96.85 range

The two big black candlesticks on Tuesday and Wednesday strongly suggests a continued fall towards $89.28-$93.44 range.

Eventually, oil may drop to $83.63, the 100% projection level of a wave (C) from $125.19.