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.