Brent crude oil can be expected to rise to the next round resistance level 70.00, former yearly low from 2023 and 2024.
- Brent reversed from powerful support area
- Likely to rise to resistance level 70.00
Brent crude oil recently reversed up from the strong support area located between the round support level 60.00, lower weekly Bollinger Band and the support trendline of the weekly down channel from the end of 2023. The upward reversal form this support area created the daily Japanese candlesticks reversal pattern long legged Doji, which stopped the previous short-term impulse wave 3, which belongs to the impulse wave 3 of the extended downward impulse sequence (C) from the end of 2023.
Given the strength of the support level 60.00 and the improving risk sentiment as seen across the global commodity markets today, Brent crude oil can be expected to rise to the next round resistance level 70.00, former yearly low from 2023 and 2024.
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