Brent oil may retest support at $77.77

SINGAPORE: Brent oil may retest a support at $77.77 per barrel, a break below which could open the way towards $76.62.

A top has formed around a resistance at $80.40, the 161.8% projection level of an uptrend from $69.24. This barrier is strengthened by another one at $80.26, the 100% projection level of a wave (c) from $69.28.

The behaviour of the market around these resistances suggests a completion of the wave (c), which will be further reversed. A break above $78.78 may lead to a gain $79.59.

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