Brent oil may rise into a range of $91.66-$92.64 per barrel, as it seems to be riding on a wave C.
The contract managed to hover the Monday low of $88.50.
Its move over the past few days was such a circus that the trending signals have become very confusing.
Based on its reluctance to fall below $88.50, it is reasonable to presume that a wave C is unfolding, which started at $88.50 and is capable of travelling towards $93.61-$96.77 range.
Key support is fixed at $89.08, a break below which may open the way towards $87.24.
On the daily chart, the support of $89.28 and the resistance at $93.44 are responsible for the high volatility on the hourly chart.
Even though the downtrend from $125.19 looks intact and is extending towards $83.63, a break below $89.28 is still needed to confirm the target.
Only a break above $93.44 could somehow swing the bearish sentiment.