SINGAPORE: Brent oil may test a support at $89.94 per barrel, a break below which could open the way towards $88.31-$89 range.

The fall from the Thursday high of $93.10 confirmed the completion of the bounce from the Feb. 8 low of $89.93.

Three waves make up the drop from the Feb. 7 high of $94.

The wave c is unfolding towards $88.31-$89 range, as this wave could be equal to the wave a.

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Resistance is at $82.58, a break above which could lead to a gain into $93.39-$94.20 range.

On the daily chart, the contract seems to be riding on a wave iv, which is expected to travel to $85.17, as pointed by a rising channel.

The bearish divergence on the daily RSI has not been fully discounted.

It suggests a further fall towards $85.17 as well. Strategically, the target will be confirmed when oil breaks $89.63.

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