Brent oil may revisit its Feb. 24 low of $81.07 per barrel, as a bounce from the previous day has ended. The bounce consists of three waves.

The third wave, the wave c, failed twice to overcome a barrier at $83.35, its 76.4% projection level.

The failures suggest a completion of both this wave and the bounce. Resistance is at $82.92, a break above could lead to a gain into $83.35-$84.06 range.

On the daily chart, the contract may have completed a pullback towards a bearish flag, which suggests a target of $67.75. Strategically, this target will be available when oil breaks $80.72.

Brent oil may retest support of $84.03

A break above $83.63 would make this pattern and the target invalid.

A bullish target of $86.54 will be established accordingly.