Brent oil may drop into a range of $93.91-$94.62 per barrel, as a bounce from $88.77 may have completed.

The bounce consists of three waves, with the wave c roughly equal to the wave a.

Such a relation strongly suggests the completion of the bounce.

The support at $95.33 temporarily stopped the fall.

However, the moderate rebound failed to extend above $96.20. The rebound has almost been reversed. The market sentiment apparently remains bearish.

A break above $96.20 could lead to a gain to $97.62. On the daily chart, oil seems to have lost its momentum while making the second attempt to break the resistance at $99.51.

Brent oil may retrace towards $94.54-$94.89 range

The contract may pull back towards a rising trendline again.

A support zone of $92.09-$93.44 will be critical in evaluating the following direction.

A break below this zone could open the way towards $83.63-$89.28 range, while a stabilization around this zone could suggest a gain towards $99.51.