Brent oil may retrace to $77.20 per barrel, before retesting a resistance at $78.44. The contract faces a resistance at $78.44.
It is likely to remain below this level for one or two days or retrace to $77.20.
Wave pattern suggests the progress of a wave c, which is expected to travel to $80.
Brent oil may test support at $75.17
A break below $77.20 may trigger a further drop to $76.47.
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