Brent oil may test a support at $81.73 per barrel, a break below which could open the way towards $80-$80.51 range.

The rise from the April 21 low of $80.45 is classified as a bounce against a five-wave cycle from the April 12 high of $87.49.

The bounce may adopt a zigzag pattern, to be easily disrupted by a drop.

The resistance at $82.80 seems to have triggered such a drop.

A break above $82.80 may lead to a moderate gain to $83.66.

Brent oil may fall into $81.07-$71.73 range

On the daily chart, a projection analysis reveals a limit of the bounce at $83.63, the 100% projection level of a downtrend from $125.19.

The downtrend is presumed to be riding on a wave (E), which could travel into a range of $57.95-$67.75.