Brent oil still targets $79.81 per barrel, as suggested by its wave pattern and a projection analysis. The contract is riding on a wave c, which is expected to travel to $79.81, as it has broken a key resistance at $77.40 and completed a pullback towards this level.
The following rise towards $79.81 could be less uneven, as oil is crossing the final barrier of $78.32 - the 76.4% level.
A confirmed triangle suggests a further gain towards $79.81 as well.
A drop below $77.40 again would be a bearish signal that the target of $79.81 may never be fulfilled.
Brent oil may test resistance at $78.32
On the daily chart, the 107% projection level of $80.72 looks like a promising target, since oil has edged above $77.56.
A further gain above $80.72 would suggest an extension of a wave D from $70.12, probably towards the $83.63-$86.54 range.
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