Brent oil may retest support at $85.19 per barrel, a break below which could open the way towards the $82.86-$84.03 range. The contract failed twice to break a resistance at $86.63.

The failures suggest the formation of a temporary top, which will be confirmed when oil breaks $85.19.

A stabilization of the price around $85.19 would suggest the development of a continuation pattern, which will be followed by a strong rise.

This pattern will become valid when oil breaks $86.63. Until the contract gets out of the range of $85.19-$86.63, trending signals will look a bit neutral, as it is hard to categorize the strong surge on Feb. 10, which looks like a continuation of the uptrend from $79.10.

Brent oil may retest support at $83.18

On the daily chart, the possible explanation for the strong rise from the Feb. 6 low of $79.10 is the development of a wave e - the fifth wave of an expanding wedge.

This wave could travel into a range of $89.28-$93.44, which is pointed by the upper trendline. A break below $83.63 would make this wave count doubtful.