SINGAPORE: Brent oil may test a support at $97.61 per barrel, a break below which may open the way towards $94.69.

The contract is riding on a fierce wave 3, which has travelled far below its 100% projection level of $102.34.

It is expected to extend to $94.69. Another projection analysis on a bigger wave (C) reveals a lower target of $91.03.

A bounce from the current level may be limited to $102.34, now a strong resistance.

Brent oil may revisit June 22 low of $107.03

On the daily chart, the support at $99.51 proved ineffective, similar to its peer supports of $104.41 and $109.31.

The projection analysis on the wave (C) is good only in telling a direction.

The downtrend may keep developing towards a low of $83.63.