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Brent oil is biased to test a support of $83.66 per barrel, a break below which could open the way towards $82.80.
The consolidation within a triangle is ending. The pattern may prove to be bullish if oil breaks $85.59, or bearish if oil falls below $83.66.
The drop on Tuesday suggests a downside bias.
A bearish target of $81.73 will be established once oil breaks $83.66, as indicated by the triangle.
On the daily chart, oil is about to fall below a neutral zone of $83.63-$86.54.
Brent oil remains neutral in $84-$85.59 range
The following drop is expected to somewhat mirror the consolidation in a zone of $80.72 to $86.54 between Feb. 6 and March 10.
The drop has another purpose of filling a common gap forming on April 3.
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