Given the strength of the support level 66.75, Brent crude oil can be expected to rise to the next round resistance level 70.00 (which has been reversing the price from September).
- Brent crude oil from the support area
- Likely to rise to resistance level 70.00
Brent crude oil recently reversed from the support area located between the pivotal support level 66.75 (which has been reversing the price from the start of February, as can be seen from the Brent crude oil EURAUD below), 20-day moving average and the 38.2% Fibonacci correction of the upward impulse from the start of January. The upward reversal from this support area started the active impulse wave 3, which belongs to the intermediate impulse wave (3) from the start of February.
Given the strength of the support level 66.75, Brent crude oil can be expected to rise to the next round resistance level 70.00 (which has been reversing the price from September).
Brent crude oil Technical Analysis