Brent could return to the $80.16-$80.77 range

Jul 19 (Reuters) – Brent crude could bounce back into the $80.16-$80.77 range as it may have resumed its uptrend.

Tuesday’s strong rebound crossed the uptrend line. Thus, the uptrend is considered saved. The fall from $81.75 – the high of July 13 – was a return to a steady range of $71.28 – $78.76.

The uptrend is likely to continue to $86. A realistic target might be $80.77 or $81.75. Support is at $79.18 and a break below which could open the way to the $77.60-78.39 range.

On the daily chart, the uptrend is more or less controlled by a set of downtrend projection levels from $125.19. The wave pattern suggests the development of wave c which is part of a large flat pattern developing from $70.12.

This wave could reach $86.54. After breaking below $77.56, there could be a deep drop to $73.82.

* The analysis is based on data received with a delay, which may affect the forecast. For charts, use the code to get the original news.

** Wang Tao is a technical analyst for Reuters Commodities and Energy and speaks for himself. The information contained in this announcement does not constitute market, financial or legal advice. Readers should contact consultants for the products mentioned in this brief.

The original message in English is available under the code:

(Wang Tao)