Brent oil may retest a resistance zone of $86.32-$86.92 per barrel, as it seems to have completed a correction triggered by the resistance at $86.32.
The correction from the Monday high of $86.44 could be divided into three waves. It is shaped into a triangle, which looks like a bullish continuation pattern.
A break above $86.32 may confirm the pattern and a target of $88.39.
The triangle would turn out to be a top pattern, if oil breaks the support of $83.66.
A break below the immediate support of $84.52 could be the very early sign of the top pattern.
Brent oil may retest support at $78.44
Signals on the daily chart are a bit contradicting to those of the hourly chart.
Oil may consolidate in either a narrow range of $83.63-$86.54, or a bigger range of $80.72-$86.54, due to its failure to break a resistance at $86.54.
This behaviour could somehow mirror the sideways move in a range of $80.72-$86.54 between Feb. 6 and March 10.
A break above $86.54 could lead to a gain into $89.28-$93.44 range.
To confirm a valid break, oil needs to close above $86.54.
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