Brent oil looks neutral in a range of $91.22-$93 per barrel, and an escape could suggest a direction.

The contract is stuck in the range and an expanding wedge.

Following its several failures to break $91.22, it has a better chance of bouncing to $93.

However, the main downtrend from $98.75 remains intact, which is riding on a wave c that could travel to $90.42 or a much lower level of $87.52.

The wedge itself is a bearish continuation pattern. The favoured scenario is, a bounce towards $93 followed by a resumption of the downtrend.

On the daily chart, oil still lingers over a rising trendline from $15.98.

It is observed that there are four black candlesticks and only one white candle from Oct. 10.

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This formation surely represents a bearish market sentiment.

It won’t be long before oil breaks the trendline and falls towards $83.63.

A falling channel remains intact, which indicates a lower target of $77.56.