Brent crude oil can be expected to rise further toward the next resistance level 106.70 (which stopped the previous minor impulse wave i at the start of this month).
- Brent crude oil reversed from pivotal support level 94.85
- Likely to rise to resistance level 106.70
Brent crude oil recently reversed up from the next support zone between the pivotal support level 94.85 (which has been reversing the price from May, as can be seen from the daily Brent crude oil chart below), support trendline of the daily up channel from July and the lower daily Bollinger Band. The upward reversal from this support zone started the active short-term impulse wave iii – that belongs to the higher order impulse wave C from the start of August.
Given the clear multi-month uptrend, Brent crude oil can be expected to rise further toward the next resistance level 106.70 (which stopped the previous minor impulse wave i at the start of this month).