Brent crude oil be expected to rise to the next round resistance level 112.80 (which has been reversing the price from the start of march).
- Brent crude oil reversed from support area
- Likely to rise to resistance level 112.80
Brent crude oil recently reversed from the support area between the pivotal support level 95.000 (which also reversed the price in the middle of March, as can be seen from the daily Brent crude oil chart below), 20-day moving average and the 61.8% Fibonacci correction of the previous sharp upward impulse 1 from the middle of April. The upward reversal from this support area started the active short-term impulse wave 3 –which is itself a part of the intermediate impulse wave (5) from the middle of April.
Given the overdoing daily uptrend and the worsening of the prospects of the Iran-USA peace talks, Brent crude oil be expected to rise to the next round resistance level 112.80 (which has been reversing the price from the start of march).
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