Brent oil may retest a support at $87.28 per barrel, a break below which could open the way towards $85.21-$86.57 range.
The contract is riding on a fierce wave (3), which could travel to $83.35.
A confirmed head-and-shoulders suggests a lower target of $80.
Five smaller waves make up the wave (3).
A projection analysis on the current wave iii reveals a target of $84.59.
Even though these calculations generate different targets, they all point south.
A further bounce may be limited to $90.17.
A fall below $88.11 may confirm the continuation of the downtrend. On the daily chart, the downtrend looks far from complete.
A projection analysis on the wave (C) from $125.19 reveals a target of $83.63, while a triangle suggests a much lower target of $67.75.
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