Brent oil may slide into a range of $75.41-$75.79 per barrel, as a top has formed around a resistance at $78.63. The top took the shape of a triangle, which suggests a target of $75.41.

A deep drop to this level would confirm a reversal of the uptrend from $71.39.

The trend is classified as a part of a three-wave cycle from the May 4 low of $71.28, which may have been completed.

This low may be revisited over the next one or two weeks.

Resistance is at $76.64, a break above which could lead to a gain to $77.40. On the daily chart, oil failed to break a resistance at $77.56.

Brent oil may retest resistance $78.63

Due to this failure, the rise from the May 31 low of $71.39 looks like an extension of the bounce from $71.28.

Oil may retrace to a support at $73.82, with a good chance of breaking below this level and falling towards $70.12.