TECHNICALS — Brent oil may retrace into $103.50 — $104.51 range

For more technical analyses, click TECH/C SINGAPORE, Oct 13 (Reuters) — Brent oil may retrace into a range of $103.50-$104.51 per barrel after failing to break resistance at $107.34. A wave c from $97.11 may either end around $107.34, its 138.2% projection level, or extend to $109.08, the 161.8% level. A rising wedge suggests a drop toward the target zone first. Whether the market would resume its rise toward $109.08 will largely depend on support at $103.50, as a break below it may wipe out the chance. The pattern around $97 looks like a high-low bottom, which suggests a target of $109.08. Based on this reading, the wave c may extend. A break above $107.34 may open the way toward $109.08. On the daily chart, the market appears to have broken a resistance at $105.88. The break opened the way toward $110.24. The drop on the hourly chart is expected to be brief, as the market could resume its rise on Tuesday. 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, fin