Brent oil may retest a resistance zone of $86.32-$86.92 per barrel, as it seems to have completed a correction triggered by the resistance at $86.32.

The correction from the Monday high of $86.44 could be divided into three waves. It is shaped into a triangle, which looks like a bullish continuation pattern.

A break above $86.32 may confirm the pattern and a target of $88.39.

The triangle would turn out to be a top pattern, if oil breaks the support of $83.66.

A break below the immediate support of $84.52 could be the very early sign of the top pattern.

Brent oil may retest support at $78.44

Signals on the daily chart are a bit contradicting to those of the hourly chart.

Oil may consolidate in either a narrow range of $83.63-$86.54, or a bigger range of $80.72-$86.54, due to its failure to break a resistance at $86.54.

This behaviour could somehow mirror the sideways move in a range of $80.72-$86.54 between Feb. 6 and March 10.

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

To confirm a valid break, oil needs to close above $86.54.