Brent oil may test a support at $75.17 per barrel, a break below which could open the way towards $73.24-$74.04 range. The contract failed to break a resistance at $76.72 and a falling trendline.

The failure suggests a completion of the bounce from $70.12.

Even though it is not very clear against which trend the current bounce is, the retracement analysis on both the trend from $86.75 and the trend from $83.33 reveals a working resistance zone of $76.47-$76.72.

Each of these resistances is strong enough to stop the rise and trigger a decent correction.

They become stronger when joining hands with the one established by the falling trendline.

A break above $76.72 could lead to a gain to $78.28. On the daily chart, oil faces a similar resistance at $77.56.

Brent oil may bounce more to $75.89

After three consecutive days of gains, it may consolidate around this level or retrace towards $73.82.

The gains have little impact on the downtrend from $125.19, which may extend into a range of $57.95-$63.02, as suggested by a projection analysis and a flag.