Brent oil may retest a support at $78.44 per barrel, a break below which could open the way towards $77.20.

The current rise may end in a resistance zone of $80-$80.40, formed by the 100% projection level of a wave c from $72.68 and the 61.8% retracement of the downtrend from $86.75.

Either of these resistances is strong enough to stop the rise.

Brent oil may fall into $76.47-$77.20 range

A break above $80.40 may lead to a gain into $81.07-$82.80 range.