Brent oil may retrace to $77.20 per barrel, before retesting a resistance at $78.44. The contract faces a resistance at $78.44.

It is likely to remain below this level for one or two days or retrace to $77.20.

Wave pattern suggests the progress of a wave c, which is expected to travel to $80.

Brent oil may test support at $75.17

A break below $77.20 may trigger a further drop to $76.47.