Brent oil may extend gains into a range of $87.05-$87.49 per barrel, as it has broken a resistance at $85.91. The resistance is identified as the 161.8% projection level of an uptrend from $81.07.
The trend is highly likely to extend into a zone of $88.19-$88.90.
Another calculation on a bigger trend from $80.40 suggests a target of $88.25, near $88.19. Support is at $85.91, a break below which could be followed by a drop into $84.50-$85.20 range.
On the daily chart, oil is about to break a resistance at $86.54.
It failed on Feb. 10 but may succeed at its current attempt.
Brent oil may fall into $84.06 to $84.77 range
A break will open the way towards $89.28-$93.44 range. It will confirm the extension of a rising channel.
In addition to all these bullish indications, the break will mark a turning point of the chart development, that the downtrend may have been slowly reversing.