Brent oil may consolidate in a range of $96.32 to $98.10 per barrel for one or two days before falling towards $94.54.

The contract failed to overcome a resistance zone of $98.10 to $98.75, despite its strong momentum on Nov. 4.

A three-wave cycle from $88.77 completed coincidentally around $98.75.

Most of the cycle has been unfolding within a rising channel, which suggests a target of $94.54.

The cycle adopted a zigzag mode, which indicates a little chance of oil to maintain its bullish momentum and rise above $98.75 on Monday.

Only a break above $98.75 could confirm the continuation of the uptrend towards $100.31-$101.33 range.

Brent oil may retest resistance at $96.11

On the daily chart, oil is retesting a resistance at $99.51.

Following its failure to overcome this barrier in October, oil has a better chance to succeed in its current attempt.

A break could open the way towards $104.41-$109.31 range.

However, the difficult part is to figure out the timing of the break.

Readings on the hourly chart reveal a weakness of the market over the next few days.

A break may either occur around the end of this week or early next week.