SINGAPORE: Brent oil may retest a resistance at $90.95 per barrel, a break above which could lead to again to $92.58.

The uptrend could be extending toward $94.20, as pointed by a rising trendline.

The depth of the correction from the Jan. 20 high of $89.50 suggests a lower level of $92.58.

Wave pattern indicates the progress of a wave 5, the fifth wave of a five-wave cycle from $77.04.

This wave is roughly equal to the wave 1.

US oil may retest resistance at $88.62

Such a relation suggests a completion of the cycle.

However, the ending point of the wave 5 is generally defying predication.

Until a convincing reversal signal comes out, the basic assumption is that the uptrend remains steady.

Support is at $89, a break below which may cause a fall into a wide range of $85.68-$88.31.

On the daily chart, oil seems to have broken a resistance at $89.63.

It is supposed to gain more into a range of $92.69-$96.84, as pointed by the upper trendline of an expanding wedge.

A close below the Thursday low of $89 could confirm the break above $89.63 was false.

A bearish target of $85.17 will be established accordingly.

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.