Brent oil may retest a resistance at $77.40 per barrel, probably after a shallow correction to $75.90. The surge on Wednesday confirmed the progress of a wave c.

A projection analysis reveals a resistance at $77.40, the 61.8% level.

The wave c may either end around this level or extend to $79.81. The current speculation is that it may extend.

The resistance at $77.40 is strengthened by a similar one of $77.47.

These barriers are expected to force oil to retrace towards $75.90.

Brent oil neutral in $74.43-$76.09 range

A break above $77.40 could lead to a gain into $78.32-$79.81 range.

On the daily chart, oil is about to rise above a neutral range of $73.82-$77.56. The subsequent rise is expected to observe a set of projection levels on the fall from $125.19.

A zone of $80.72-$83.63 will be targeted once oil breaks $77.56.