Brent oil may retest a support at $78.30 per barrel, a break below could open the way towards $76.45-$77.38 range.

The weak rise from the Monday low of $78.60 is classified as a bounce against the preceding fall from the Dec. 16 high of $81.78.

The rise is shaped into a flag pattern, which will be confirmed when oil breaks the nearest support of $79.44.

Brent oil may drop towards $63.02-$67.75 range in Q1

The bounce may end in the range of $80.74 to $81.29.

A break above $81.29 could lead to a gain into $82.35-$83.14 range.