Brent oil may retrace into a support zone of $93 to $93.62 per barrel, following its failure to break a resistance at $94.81.

The resistance is below a higher resistance of $95.20.

Together, these resistances are likely to stop the bounce, which was triggered by a support at $91.22.

The bounce is classified as a part of the fall from $98.75.

The fall consists of three waves.

The bounce was driven by the wave b, which will be reversed by the wave c.

A break above $94.81 may lead to a gain into $95.20-$95.55 range. Only a further gain could suggest the extension of the uptrend from $83.69 towards $98.75.

Brent oil may test support zone of $91.22-$91.69

On the daily chart, the surprise bounce on Thursday has much to do with the support at $92.09 and a rising trendline from $15.98.

It is considered as a part of the consolidation from the Sept. 23 low of $85.50.

The consolidation represents a tug of war between bulls and bears around the trendline.

The bias is towards the bears’ side, as the downtrend looks steady within a falling channel.