Brent oil may retest a support at $77.92 per barrel, probably after a moderate bounce to $79.65. For two consecutive days, oil plunged with strong momentum.
The reversal of the uptrend from the 2022 low of $75.11 has been well confirmed. The contract is expected to maintain its strong momentum and revisit $75.11.
Decent bounce so far has been missing and it is not expected to occur until oil drops to $75.11.
A bounce from the current level may be limited to $79.65.
Brent oil may test support at $81.05
On the daily chart, armed with the recently-gained momentum, oil is poised to break a support of $77.56, coincidentally provided by the 114.6% projection level and the 50% retracement.
A break could open the way towards $57.95-$63.02 range. A realistic target will be $73.82.
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