Brent oil may retrace into a range of $74.33 to $74.80 per barrel, as it has broken a support at $75.55. The current fluctuation is well controlled by a set of retracements on the fall from $78.73 to $73.58.

The 50% level of $76.16 works as a major obstacle.

Short-term trending signals are a bit mixed. It is not very clear if the uptrend from $71.39 or the downtrend from $78.73 would resume.

A break above $76.16 could lead to a gain into the $76.76-$77.51 range.

On the daily chart, oil is stuck in a neutral range of $73.82 to $77.56.

A break above $77.56 could confirm a double-bottom and a target of $83.63.

Brent oil may retest resistance at $77.52

However, the bias looks towards the downside, following a failure of the contract to overcome this barrier on Thursday.

A break below $73.82 could open the way towards $67.75-$70.12 range.