Brent oil may test a support at $73.68 per barrel, with a good chance of breaking below this level and falling towards $71.28-$72.76 range. The current fall is considered as a continuation of the downtrend from $87.49.

A retracement analysis on the rise from $71.28 reveals a break below the support of $74.43.

The next support is at $73.68. It is not very clear if a bounce will occur around this level, even though the support at $74.43 has worked well.

Brent oil may retrace further to $73.65

A break above $74.43 could lead to a gain into $75.17-$76.09 range.

On the daily chart, oil is testing a support at $73.82, a break below which could open the way towards $67.75-$70.12 range.

The current drop might be riding on a wave (E), which is capable of travelling to $57.95.