Brent oil may bounce into a range of $94.81 to $95.55 per barrel, as it has stabilized around a support of $93.14.
The support is identified as the 286.4% projection level of a presumed wave c from $98.67.
The stabilization followed a consolidation above $93.62 on Tuesday.
Such a clustered sideways move suggests a dissipation of the bearish momentum.
Oil may not resume its downtrend without a decent bounce.
A break below $93.14 could open the way towards $92.14-$91.09 range.
On the daily chart, a support at $93.44 works together with the one at $93.14 on the hourly chart to stop the fall.
The contract is expected to consolidate above $93.44 for one or two days before falling towards $83.63, which is indicated by a falling channel.
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