Brent oil may retrace into a range of $95.77 to $96.77 per barrel, following its failure to break a resistance zone of $98.75-$99.01.

The main obstacle is $98.75, the Oct. 10 high. Oil failed twice to break this level.

The failures suggest a completion of a wave (c) from $92.52.

This wave and its preceding wave (a) have been unfolding within a channel, which suggests a target of $95.77.

A break above $99.01 could lead to a gain into $99.86-$101.02 range.

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

Brent oil may consolidate in $96.32-$98.10 range

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, oil may a retrace a bit on Tuesday to accumulate momentum for retesting this barrier, as it became weak on Monday while approaching this resistance.