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Brent oil may retreat towards a support zone of $94.54-$94.89 per barrel as it faces a resistance of $96.32.
A similar one of $96.33 strengthens the resistance. Together, they may trigger a correction, which becomes immediate, as the rise from the Wednesday low of $92.06 looks too sharp to sustain.
A break above $96.32 will lead to a gain of $98.10. The current rise could be riding on wave C, which can travel to $98.10 or much higher.
On the daily chart, the oil found support around a rising trendline. It may test the resistance at $99.51, a break above, which could lead to a gain of $104.41.
Before moving towards $99.51, the oil may pull back towards a support zone of $92.09-$93.44.
** Wang Tao is a Reuters market analyst for commodities and energy technicals. The views expressed are his own.
** No information in this analysis should be considered as being business, financial or legal advice. Each reader should consult his or her own professional or other advisers for business, financial or legal advice regarding the products mentioned in the analyses.
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