Brent crude oil can be expected to rise further to the next resistance level 112.80 (former strong resistance from March and May and the target price for the completion of the active impulse wave iii).
- Brent crude oil broke pivotal resistance level 95.0
- Likely to rise to resistance level 112.80
Brent crude oil continues to rise after the earlier breakout of the resistance zone set at the intersection of the pivotal resistance level 95.0 (which has been reversing the price from the start of June, as can be seen from the daily Brent crude oil chart below) and the 50% Fibonacci correction of the earlier downward impulse wave (C) from the start of May. The breakout of this resistance zone accelerated the active minor impulse wave iii that belongs to the C-wave of the intermediate impulse wave (3) from the start of July – which then broke the round resistance level 100.00.
Given the predominantly bullish sentiment across the crude oil markets today on the resumption of USA-Iran hostilities , Brent crude oil can be expected to rise further to the next resistance level 112.80 (former strong resistance from March and May and the target price for the completion of the active impulse wave iii)