Brent oil may retrace into range of $72.26-$73.46, following its failure to break a resistance at $75.41 per barrel.
The resistance is identified as the 138.2 percent projection level of a wave (c) from $64.02. This wave consists of three smaller waves. The third wave labelled c could be broken down into five minor waves, the fifth wave of which seems to have peaked at $75.41.
Over the next few days, oil may retrace towards the bottom of the wave 4 around $71.14. A rising trendline suggests a higher target at $72.26. A break above $75.41 could lead to a gain to $77.35.
