Brent crude may be about to drop through its current support zone
that ends at $79.35, derived from multiple Fibonacci confluence
. If that happens then a continuation of the decline to the next support zone
, starting around 71.03, becomes likely. Alternatively, an intraday reversal above $79.35, could see a rally from the current support zone
. Note that the measuring objective for the symmetrical triangle has already been exceeded to the downside. In addition to Fibonacci confluence
, the potential of the lower support zone
is supported by previous price structure.