Technical Analysis: Brent crude oil may further decline to the $76.65-$77.75 range

1. According to the Fibonacci theory analysis, Brent crude oil futures may further extend the current downtrend to the $76.65 to $77.75 per barrel range.2. The contract is currently experiencing a strong third wave of declines. In the downward trend that started from the $109.70 high, a series of projection targets have emerged.3. After breaking below the 323.6% projection level ($79.13), prices are expected to further test the $75.50 to $77.75 range. In the short term, resistance lies at $80; if this level is effectively breached, a rebound to the $81.36 to $82.64 range is possible.4. From the daily chart perspective, projection analysis of the c wave starting from $112.94 shows the price has broken below the key support at $81.86 (i.e., the 100% projection level). This break opens space for further downside, with the next aggressive target area pointing to the $62.65 to $70 range.