TECHNICALS — Brent oil may fall towards $102.76 — $103.50 range

For more technical analyses, click TECH/C SINGAPORE, Oct 15 (Reuters) — Brent oil may test support at $104.51 per barrel, with a good chance of breaking below it and falling towards the $102.76-$103.50 range. The contract failed three times to break resistance at $107.34. The failures, along with the fall below the lower trendline of a rising wedge, suggest a reversal of the uptrend from $97.11. The fall may still observe a series of projection levels on the uptrend. Resistance is at $106.26, a break above which could lead to a gain into $107.34-$109.08 range. On the daily chart, there seems to be a false break above resistance at $105.88. The market may either experience a pullback towards a presumed flag, or resume its downtrend from $109.97. Key support is at $102.67, a break below which may trigger a fall into the $94.21-$98 range. 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 profes