Brent oil may extend its gains to $92.82 per barrel, as suggested by its wave pattern and a projection analysis.
The contract is riding on a wave c, which has briefly travelled above its 86.4% projection level of $91.94.
Chances are it may extend to $92.82. If the rise from $83.65 has adopted a zigzag pattern, the wave c could end around $92.82, which is near $92.93.
A break above $92.82 could signal an extension of the wave c towards $95.29.
The extension may not occur until oil completes its consolidation triggered by the resistance at $92.82, which will have some impact on the wave c regardless of the ending point of this wave.
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Immediate support is at $91.29, a break below which could cause a fall into $89.59-$90.35 range.
On the daily chart, oil faces a strong resistance zone of $92.09-$93.44.
The current bounce may end in this zone, as it could be of the same degree to the one from the Sept. 7 low of $87.40. A break above $93.44 may open the way towards $99.51.
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