Brent oil may retrace towards a support zone of $94.54-$94.89 per barrel, as it faces a resistance at $96.32.
The resistance is strengthened by a similar one of $96.33.
Together, they may trigger a correction, which becomes immediate, as the rise from the Wednesday low of $92.06 looks too sharp to sustain.
A break above $96.32 will lead to a gain to $98.10. The current rise could be riding on a wave C, which is capable of travelling to $98.10 or a much higher level.
On the daily chart, oil found a support around a rising trendline.
It may test the resistance at $99.51, a break above which could lead to a gain to $104.41.
Brent oil neutral in a range of $92.33-$94.54
Before moving towards $99.51, oil may pull back towards a support zone of $92.09-$93.44.
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