TECHNICALS — Brent oil may retest resistance at $104.90

For more technical analyses, click TECH/C SINGAPORE, Sept 18 (Reuters) — Brent oil may retest resistance at $104.90 per barrel, a break above which could trigger gains into the $106.18-$107.41 range. The contract stabilized above a rising trendline. The stabilization suggests the fall from $109.40 is complete, or that this is only the first part of it. Either a good bounce has started, or the uptrend from $85.42 has resumed. A break below $102.96 may lead to a drop to $101.59. The fall could confirm an extension of the short downtrend from $109.40. On the daily chart, the market remains within a rising channel. A long-shadowed hammer formed around the support at $102.67 on Thursday, further indicating the completion of the correction from $109.97. The correction is expected to be the same degree as the one from $94.83. A break above $105.88 would signal the uptrend's continuation toward $110.24. 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 l