Brent at the support of $78.17 once again. A close below it would be a bearish indication

Brent crude has shed almost 18% since its peak of the year at $95.33 back in September. It is now trading at around $78.23 a barrel and at the moment it doesn’t seem like a shift is nearing. Looking at the chart on the daily timeframe, we can see that the support level of $78.17 has been tested followed by a bounce reaching $84.58. But this soon retraced with the price back now at the support once again. On the 16^th of November, Brent did close below this support, but the market caught bear traders with the sharp rise. However, another close below this support may indicate that further downside is now more likely. In that case, we would look towards support levels of $76.66 and then $74.96. The primary resistance for this market is along the descending trendline of the triangle, with the area ranging between $80-$82 a barrel. Looking at the technical indicators, the MACD seems like it is turning negative once again and the RSI remains negative as it reads 38.