Brent oil may test a support at $104.49, following its failures to break a resistance at $107.60 per barrel.

The resistance is strengthened by another one of $107.46, around which, a small top is forming.

Sharp as it is, the rise from $94.50 could be against the downtrend from $120.41, instead of the bigger trend from the June 14 high of $125.19.

Brent oil may retest resistance at $107.60

A break above $107.60 could lead to a gain to $110.71.

On the daily chart, oil has broken a resistance at $104.41. It is supposed to rise to $109.31.

However, this target has to be temporarily aborted, as the doji forming on Wednesday signals the start of a pullback towards a falling trendline.

The pullback could be deep enough to extend to $99.51.

The best scenario to bulls could be a resumption of the uptrend upon the completion of the pullback.