Brent oil may retest a resistance of $82.98 per barrel, a break above which could lead to a gain into $83.60-$84.22 range.

A wave c from $86.21 has completed, after it narrowly missed its target of $80.99.

The swift recovery of the price from the Thursday low of $81.25 confirms the completion. Compared with the various projection levels, the retracements on the trend of $75.11 and $77.61 are less important.

They will be reconsidered when the current bounce is over. Immediate support is at $81.70, a break below which could be followed by a shallow drop into $80.45-$80.99 range.

Brent oil may test support of $82.10

On the daily chart, oil is falling towards the bottom of the wave b around $77.56.

The fall could be due to the continuation of a wave (C) from $125.19, which is unfolding towards $57.95-$67.75 range.