TECHNICALS — Brent oil poised to rise to $109.08

For more technical analyses, click TECH/C SINGAPORE, Oct 14 (Reuters) — Brent oil is poised to break a resistance at $107.34 per barrel and rise to $109.08. 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. The resistance at $107.34 triggered a correction which has been almost reversed. The reversal signals an extension of this wave towards $109.08. Immediate support is at $106.26, a break below which trigger a fall into the $104.51-$105.59 range. On the daily chart, the market has broken a resistance at $105.88. The break opened the way towards the $110.24-$114.92 range. A rising channel suggests a higher target of $117.80, while the projection analysis on the wave C from $78.19 indicates a more aggressive target zone of $122.48-$130.04. The pattern from $78.19 looks like a bullish flag, which has been confirmed, indicating a target around $130 as well. 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