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Brent Crude Oil Wave Analysis

  • Brent crude oil reversed from key support level 95.00
  • Likely to rise to resistance level 115.00

Brent crude oil recently reversed up with the daily Morning Star from the key support level 95.00 intersecting with the support trendline from December and the 61.8% Fibonacci correction of the sharp upward impulse from December .

The upward reversal from the support level 95.00 started the active short-term wave (b).

Brent crude oil can be expected to rise further toward the next resistance level 115.00 (target for the completion of the active short-term correction (b)).

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