Brent oil may revisit its June 8 low of $73.58 per barrel, as the downtrend from $78.73 may have resumed. The bounce from this low has been deeply reversed.

The reversal suggests a slim chance of the bounce to extend above the June 9 high of $76.57.

The current fall is presumed to have been riding on a wave a, the fifth wave of a double-zigzag from $78.73.

A trendline points at a target zone of $72.66-$73.02.

Brent oil may retest resistance at $77.52

Immediate resistance is at $74.80, a break above which could lead to a gain to $75.55. On the daily chart, oil is approaching a support at $73.82 again, following its failure to break this level on June 8.

A break could trigger a drop into $67.75-$71.39 range.

After two sessions of successive falls, oil is highly likely to overcome this barrier.

A drop below $71.39 would confirm a continuation of the long-term downtrend towards $57.95, which is pointed by a trendline.