Brent oil may bounce into $85.10-$85.78 range

Brent oil may bounce into a range of $85.10 to $85.78 per barrel, as suggested by its wave pattern and the hourly RSI.

A small five-wave cycle may have completed around a support of $83.67.

The bullish divergence on the RSI suggests a decent bounce is due.

It remains unclear on how far the bounce could extend.

It could penetrate into the territory of wave 4.

Brent oil to revisit Sept. 23 low of $85.50

Support is at $83.67, a break below could be followed by a drop into the range of $82.62 to $82.91.