Brent oil may break a support at $25.13 per barrel, and fall into a range of $21.65 to $23.66, as suggested by a retracement analysis.
The support is provided by the 76.4% retracement on the uptrend from $21.65 to $36.40. A double-top forming around $36.40 suggests a target around $21.65, while a flag forming between $27.28 and $29.03 indicates a much lower target of $18.
The bearish sentiment is strong. There might not be a decent bounce until oil falls to $21.65. On the daily chart, the wave pattern suggests the development of a wave 5, which is capable of travelling to the March 30 low of $21.65.
