Brent oil may test a support level of $80 per barrel

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.

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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.