Brent oil may test a support at $80 per barrel, a break below could open the way towards $79. A bounce from the April 21 low of $80.45 has completed.

The drop from the April 12 high of $87.49 could have resumed. The drop adopted a five-wave mode, which suggests the development of a zigzag or a big downtrend.

Both of them indicate a good extension of the drop.

A retracement analysis on the uptrend from $70.12 reveals a target zone of $76.76 to $78.81, while a projection analysis on the uptrend from $72.68 marks some fine-tuned levels.

Resistance is at $81.73, a break above could lead to a gain at $82.80.

On the daily chart, the bounce triggered by the support of $80.72 seems to have completed.

Brent oil may test support at $81.73

The downtrend has resumed. Driven by a wave (E), the trend could extend into a range of $57.95 to $62.85, as pointed by a falling channel.

A realistic target would be $77.56.