Brent oil may test a resistance at $78.32 per barrel, a break above could lead to a gain to $79.81. The contract has broken a lower resistance at $77.40.

The break not only signals a further gain to $78.32 but also confirms a bullish triangle, which indicates a target of $81.30. Undoubtedly, the current rise continues on a journey starting from $71.28.

The former resistance at $77.40 has turned into a strong support, preventing any slide below it.

In case a break below $77.40 occurs, a bearish target zone of $75.90 to $76.65 will be activated accordingly.

Brent oil may approach resistance $77.40 again

On the daily chart, oil seems to be rising above a neutral zone of $73.82 to $77.56.

The rise clearly points in the direction of $80.72.

A further gain above this level would suggest an extension of a wave D from $70.12.