Brent Wave Analysis

  • Brent reversed from key support level 72.00
  • Likely to rise to resistance level 78.00

Brent crude oil recently reversed up from the key support level 72.00 (which has been repeatedly reversing the price from the middle of March), coinciding with the lower daily Bollinger Band.

The upward reversal from the support level 72.00 started the active minor impulse wave (iii).

Given the strength of the nearby support level 72.00, Brent crude oil can be expected to rise further toward the next resistance level 78.00 (which has been reversing the price from the end of May).

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