[vc_row][vc_column][vc_column_text dp_text_size=”size-4″]Brent oil may test a support level of $80 per barrel; a break below this level could open the way to $79. A recovery from the April 21 low of $80.45 has occurred.
The drop from the high of $87.49 on April 12th could have resumed. The drop followed a five-wave pattern, indicating the emergence of a zigzag or a large downtrend.
Both of them indicate a good drop extension.
A retracement analysis of the uptrend from $70.12 reveals a target zone of $76.76 to $78.81, while a projection analysis of the uptrend from $72.68 identifies some refined levels.
The resistance level is $81.73, and a break above it could lead to a gain of $82.80.
Also Read: ADB lists factors that continue to pose economic challenges
On the daily chart, the bounce triggered by the $80.72 support appears to be complete.
The decline has resumed. As indicated by a falling channel, the trend could extend into a range of $57.95 to $62.85.
A reasonable goal would be $77.56.[/vc_column_text][/vc_column][/vc_row]
