Brent oil may end its bounce around a resistance at $91.22 and retest a support at $88.55 per barrel, as a wave c from $95.11 looks incomplete.
This wave is expected to travel to its 100% projection level of $87.52, which is near $87.24.
The current bounce was partially due to the support of $89.44 which was strengthened by the one at $88.55.
Despite its strong momentum, the bounce is still regarded as a part of the incomplete wave c.
A break above $91.22 may lead to a gain into $92.21-$93 range. On the daily chart, oil finally broke a rising trendline from $15.98.
The break is a milestone to bears. It confirms a reversal of the uptrend from $15.98.
Brent oil may bounce into $94.81-$95.55 range
The downtrend remains firm within a falling channel, which indicates a target of $77.56.
A realistic target is $83.63, which will be confirmed when oil breaks $89.28.
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