Brent oil may test a support zone of $91.22 to $91.69 per barrel, a break below could open the way towards $89.44.

The fall from $98.75 looks so deep that it could be reversing the uptrend from $83.69.

A retracement analysis reveals a target zone of $89.44 to $91.22.

The fall observes closely a set of projection levels on the downtrend from $98.67.

The 361.8% level of $91.69 provides a temporary support, working together with $91.22 to stop the fall.

These supports seem vulnerable, in light of the strong bearish momentum on Wednesday.

Resistance is at $93, a break above which could lead to gain into $93.62-$94.07 range. On the daily chart, a support at $93.44 was broken.

Brent oil may bounce into $94.81-$95.55 range

The break not only opened the way towards $89.28, but also confirmed a development of the downtrend within a falling channel.

The steep bounce triggered by the support at $83.63 is regarded as a pullback towards a bearish triangle, which suggests a target of $63.