Brent oil looks neutral in a range of $85.19-$86.63 per barrel, and an escape could suggest a direction. The contract failed three times to break a resistance at $86.63.

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

The pattern indicates a reversal of the uptrend form $79.10 and a target of $84.03. A break above $86.63 will only be confirmed when oil stands firm above this level, as a brief piercing above it would only be regarded as a false break.

Signals on the daily chart are also mixed.

Brent oil may retest support at $85.19

The rise from the Feb. 6 low of $79.10 seems to be riding on a wave e - the fifth wave of an expanding wedge. However, the harami cross formed around a resistance at $86.54 between Feb. 10 and Feb. 13 confirms a dissipation of the bullish momentum.

Oil is highly likely to retrace towards $80.72-$83.63 range.

Such a drop would make the current wave count invalid.

A break above $86.54 would lead to a gain into $89.28-$93.44 range.