Brent oil may test a support of $82.10 per barrel, a break below which could open the way towards $80.45. The contract has broken a higher support zone of $83.35-$83.75. The break confirmed a continuation of the downtrend towards the next support range of $82-$82.10.
A double-top around $89.08 suggests not only a target of $82, but also a reversal of the uptrend from $75.11. A rising trendline points at a lower target of $80.45. Oil may have completed a pullback toward the zone of $83.35-$83.75. It is expected to resume its drop on Thursday.
A break above $83.75 may lead to a gain to $84.70. On the daily chart, the drop on Wednesday works as a more convincing signal that the short uptrend from the Dec. 9, 2022 low of $75.11 has reversed.
Brent oil may bounce into $86.38-$87.05 range
The trend is classified as a part of a wave (C) from $125.19, which is unfolding towards $57.95-$67.75 range.
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