SINGAPORE: Brent oil may fall into a zone of $99.92-$101.65 per barrel, as its downtrend from $114.84 has resumed. The bounce triggered by the support at $104.17 has been totally reversed.

The reversal signals a continuation of the downtrend.

Oil failed to break the support in its first attempt on April 20.

Its current attempt may succeed, after the weak bounce. Resistance is at $106.21, a break above which could lead to a gain into $108.24-$110.76 range.

Brent oil neutral in $98.44-$103.09 range

On the daily chart, a bullish triangle is becoming invalid, as oil is poised to fall below the upper trendline of the pattern.

Chances are high that oil could revisit the April 11 low of $97.57.