Brent oil may test a resistance at $78.32 per barrel, a break above could lead to a gain to $79.81. The contract has broken a lower resistance at $77.40.
The break not only signals a further gain to $78.32 but also confirms a bullish triangle, which indicates a target of $81.30. Undoubtedly, the current rise continues on a journey starting from $71.28.
The former resistance at $77.40 has turned into a strong support, preventing any slide below it.
In case a break below $77.40 occurs, a bearish target zone of $75.90 to $76.65 will be activated accordingly.
Brent oil may approach resistance $77.40 again
On the daily chart, oil seems to be rising above a neutral zone of $73.82 to $77.56.
The rise clearly points in the direction of $80.72.
A further gain above this level would suggest an extension of a wave D from $70.12.
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