Brent oil may retrace into a range of $74.33 to $74.80 per barrel, as it has broken a support at $75.55. The current fluctuation is well controlled by a set of retracements on the fall from $78.73 to $73.58.
The 50% level of $76.16 works as a major obstacle.
Short-term trending signals are a bit mixed. It is not very clear if the uptrend from $71.39 or the downtrend from $78.73 would resume.
A break above $76.16 could lead to a gain into the $76.76-$77.51 range.
On the daily chart, oil is stuck in a neutral range of $73.82 to $77.56.
A break above $77.56 could confirm a double-bottom and a target of $83.63.
Brent oil may retest resistance at $77.52
However, the bias looks towards the downside, following a failure of the contract to overcome this barrier on Thursday.
A break below $73.82 could open the way towards $67.75-$70.12 range.
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