Brent oil may end its rise around a resistance at $80 per barrel, and resume its downtrend from $86.75. The resistance is identified as the 100% projection level of a wave c from $72.68.

This is the final wave of a presumed zigzag from $70.12.

Working together with the resistance is a similar one of $80.40.

There is a remote chance of oil to break these resistances and rise more.

Brent oil may retrace to $77.20

A break below $78.44 could be followed by a drop into $76.47-$77.20 range.