Brent oil may bounce into a range of $86.38-$87.05 per barrel, before falling again. The drop on Monday confirmed a reversal of the uptrend from $77.61 and a double-top around $89.09.

The pattern suggests a target of $82.10. However, this target won’t be available until oil breaks the support at $84.70, as the double-top may fail if oil keeps hovering above $85.79.

The support at $84.70 is expected to be much stronger than the one at $85.79. Logically, oil may bounce before dropping.

Brent oil may retest support at $85.79

A break above $87.05 may lead to a gain to $88.11. On the daily chart, the fall on Monday looks like a decisive attack by bears.

It further confirms the completion of a wave c and the whole bounce from the Dec. 9, 2022 low of $75.11.