Brent oil may test support at $101.77

SINGAPORE, Oct 5 (Reuters) - Brent oil December contract may test support at $101.77 per barrel, a break below which may trigger a fall into the $98.44-$99.47 range.

A projection analysis of wave c from $95.12 shows resistance at $103.82, the 100% level, which triggered a deep correction on October 1.

The barrier may cause the second correction. A break above $103.82 could lead to a gain into the $105.09-$105.88 range. On the daily continuous chart , a hanging man formed on Oct. 2, signalling a completion of the bounce from $96.55.

The contract may retrace toward this low. Signals would turn bullish if the market closes above $102.67 on Monday.

* Wang Tao is a Reuters market analyst for commodities and energy technicals. The views expressed are his own. His analyses are published exclusively on the Workspace platform, a London Stock Exchange product.

** No information in this analysis should be considered as business, financial, or legal advice. Each reader should consult his or her own professional or other advisers for business, financial, or legal advice regarding the products mentioned in the analyses.

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