Brent oil may retest support at $91.22

Brent oil may retest a support at $91.22 per barrel, after a weak bounce into $93-$93.62 range.

The deep drop on Oct. 14 confirmed a continuation of the downtrend from $98.75.

Driven by a wave c, the trend may extend into a wide range of $87.52-$90.42.

The trend observes a set of retracements on the rise from $83.69 and a set of projection levels on the fall from $98.67.

The support at $91.22 triggered a decent bounce on Oct. 13.

The current bounce was due to this support as well, which is expected to be much weaker, probably to end in the resistance zone of $93-$93.62.

A further gain above $94.07 may suggest the development of a flat, which will be considered as a bearish continuation pattern, even though it suggests a target of $95.11.

On the daily chart, oil approached a rising trendline from $15.98 again.

It seems the consolidation from the Sept. 23 low of $85.50 has been mostly centred around this line.

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It must be noted that the downtrend looks steady within a falling channel.

The deep drop on Oct. 14 could have shattered the dream of bulls to maintain the price above the trendline.

A break below $89.28 will confirm the continuation of the downtrend towards $77.56-$83.63 range.