Brent Crude Oil can be expected to rise further in the active impulse wave (3) to the next strong resistance level 64.00 (former monthly high from December) – intersecting with the resistance trendline of the wide daily down channel from June.

 

 Brent Crude broke resistance level 62.00

  • Likely to rise to resistance level 64.00

Brent Crude Oil recently broke the resistance zone between the resistance level 62.00 (which stopped the previous sharp upward impulse wave (1) at the end of December, as can be seen from the daily Brent Crude Oil chart below), resistance trendline from September and the 50% Fibonacci correction of the downward impulse from October. The breakout of this resistance zone accelerated the active medium-term impulse wave (3) from the start of January.

Brent Crude Oil can be expected to rise further in the active impulse wave (3) to the next strong resistance level 64.00 (former monthly high from December) – intersecting with the resistance trendline of the wide daily down channel from June.

 

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