Brent oil may fall into a range of $81.07-$71.73 per barrel, as suggested by a projection analysis. The contract has partially covered a gap forming on April 3. Eventually, it may drop to $80, to completely fill this common gap.
It is obvious that the uptrend from $70.12 has reversed, as confirmed by the deep drop from $87.49.
A retracement analysis reveals a lower target zone of $76.76-$78.81.
Resistance is at $83.66, a break above which could lead to a gain to 484.52. On the daily chart, oil has broken a support at $83.63, the 100% projection level of a downtrend from $12.19.
Brent oil may fall into $82.80-$83.66 range
The trend is presumed to have resumed. It is extending towards $80.72.
A wave (D) could be driving the trend.
This wave is capable of travelling into a range of $57.95-$67.75.
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