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

For more technical analyses, click TECH/C SINGAPORE, Oct 16 (Reuters) — Brent oil may retrace into a range of $103.50-$104.51 per barrel, following its failure to break a resistance at $106.26. The resistance is identified as the 12.6% projection level of a wave c from $97.11. The contract failed both to overcome this barrier and to break a short trendline. The failure is likely to be followed by either a correction into the target zone or a continuation of the downtrend from $107.29. A break above $105.59 may lead to a gain into the $106.26-$107.34 range. On the daily chart, a bullish flag pattern looks doubtful, as the market keeps falling towards $102.67. The pattern will be confirmed only when the contract breaks above $105.88. A break below $102.67 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 professional or other advisers for business,