Brent oil may retrace into a range of $74.86 to $75.33 per barrel, as it failed to break a resistance at $76.82. The resistance is identified as the 100% projection level of a wave c from $72.91, which may either end around $76.82 or extend into $78.31-$79.24 range.
A break above $76.82 could lead to a gain to $77.74.
On the daily chart, the gain from the June 12 low of $71.58 is classified as a part of the consolidation in the range of $71.28 to $77.56.
To be more specific, it is a part of wave c from the May 31 low of $71.39.
Brent oil still targets $79.81
In terms of duration, this wave now looks roughly equal to the preceding wave a.
Instead of suggesting a strong rally, this equality indicates a completion of the consolidation, which could be followed by a deep drop towards $57.59.
A break above $77.56 may open the way towards $80.72-$83.63 range.
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