Brent oil may test a resistance zone of $76.09-$76.65 per barrel, a break above which could lead to a gain to $77.57. The contract found a strong support of $73.68.

The rise on Monday suggests the completion of a drop from $77.57 and a possible continuation of the uptrend from $71.28. Driven by a wave c, the contract may climb to $77.57.

This bullish outlook has to be revised, once oil breaks below $75.17, or fails to go above $76.09.

A break below $75.17 may be followed by a drop into $73.68-$74.43 range.

Brent oil may break support at $73.68 and fall more

Such a fall could signal the continuation of the downtrend from $77.57.

On the daily chart, oil found a support at $73.82. It may consolidate above this level and below $77.56 for one or few days before choosing its next direction.

A break below $73.82 could open the way towards $67.75-$70.12 range, while a break above $77.56 could lead to a gain to $80.72.