Brent oil may test a support of $85.59 per barrel, with a good chance of breaking below this level and falling into $83.66-$84.52 range.
The drop on Thursday confirmed a false break above a resistance zone of $86.75-$87.32. A wave (5) or the first part of this wave, may have ended around this zone. This wave was supposed to travel to $90.12.
The bearish divergence on the hourly RSI suggests a further drop towards the bottom of the wave (4) around $83.66.
A break above $86.75 may lead to a gain to $87.32. Only a further gain could confirm the continuation of the uptrend.
On the daily chart, the attempt to break a resistance at $86.54 has failed, as oil closed below this level on Thursday.
Brent oil biased to test support of $83.66
A target range of $89.28-$93.44, which suggested by a falling channel, has to be temporarily aborted.
It will be resumed only when oil stands firm above $86.54.
This failed attempt increases the chance of a fall towards a common gap.
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