SINGAPORE: Brent oil may retest a support at $98.44 per barrel, a break below could cause a fall into the range of $95.87 to $96.93.

A projection analysis on the downtrend from $114.77 reveals an ultimate target of $95.87, around which the trend could complete and reverse. The shorter downtrend from the April 5 high of $109.90 adopted a five-wave mode.

The wave v is unfolding, which is expected to end around $95.87.

Resistance is at $103.09, a break above which could suggest an earlier-than-expected completion of the wave c.

Brent oil may gain more to $113.05

A bullish target zone of $105.32-$107.55 will be established accordingly.

On the daily chart, a triangle is ending, which could turn out to be a bullish continuation pattern or a top pattern.

A retracement analysis reveals a key support at $97.26, the 61.8% level, close to $95.87 (hourly chart).

The most likely scenario will be that oil briefly pierces below $97.26 and starts a decent rally thereafter.