Brent oil may retrace to $91.78 per barrel, as it has completed a small five-wave cycle from $87.24.
The wave 5 seems to have ended around a resistance at $95, the 14.6% projection level of the downtrend from $96.99.
A retracement analysis on the trend reveals a similar resistance of $94.69, which strengthens the one at $95.
Brent oil may end bounce below $93.77
Another projection analysis on the downtrend from $110.67 also marks a resistance at $95.33, which works together with the other two to stop the rise.
It could be much easier for oil to retrace towards $91.78, near the bottom of the wave 4, than to break this group of resistances and rise more.
A break above $95 could lead to a gain into $96.04-$96.99 range.
On the daily chart, the bounce is still regarded as a pullback towards a bearish triangle, which suggests a target of $67.75.
The small white candle on Monday indicates a dissipation of the bullish momentum.
A downward wave (C) from $125.19 may resume soon, towards its target of $83.63.
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