Brent oil may fall into a range of $76.47-$77.20 per barrel, as it has completed a bounce around a resistance at $80. The resistance is identified as the 100% projection level of a wave c from $72.68.

The equality of this wave to the preceding wave confirms the completion of a zigzag from $70.12.

Brent oil may end rise around $80

The downtrend is expected to resume towards $70.12. A break above $79 may lead to a small gain to $80.