Brent oil may test a resistance at $95.29 per barrel, a break above which could lead to a gain into $96.06-$96.82 range.

The current wave c is expected to extend into a range of $95.29 to $96.82.

A retracement analysis on the fall from $95.80 to $83.65 reveals a break above the 76.4% level of $92.93.

The break opened the way towards $95.80. A decent correction or a trend reversal is expected to occur in the zone of $95.80-$96.82.

The divergence on the hourly RSI sends the early signal of these moves.

Brent oil may extend gains to $95.29

A break below $93.76 may open the way towards $91.94-$92.82 range. On the daily chart, oil has broken a strong resistance zone of $92.09 to $93.44.

The break suggests a further rise towards $99.51.

However, as a safe strategy, it is better to lower the target to $97, as suggested by a short falling channel and the lower trendline of a triangle.

The wave (C) from $125.19 may resume when the bounce ends below $99.51.