Brent oil may test a support of $85.59 per barrel, with a good chance of breaking below this level and falling into $83.66-$84.52 range.

The drop on Thursday confirmed a false break above a resistance zone of $86.75-$87.32. A wave (5) or the first part of this wave, may have ended around this zone. This wave was supposed to travel to $90.12.

The bearish divergence on the hourly RSI suggests a further drop towards the bottom of the wave (4) around $83.66.

A break above $86.75 may lead to a gain to $87.32. Only a further gain could confirm the continuation of the uptrend.

On the daily chart, the attempt to break a resistance at $86.54 has failed, as oil closed below this level on Thursday.

Brent oil biased to test support of $83.66

A target range of $89.28-$93.44, which suggested by a falling channel, has to be temporarily aborted.

It will be resumed only when oil stands firm above $86.54.

This failed attempt increases the chance of a fall towards a common gap.