– Brent Crude oil reversed from support level 81.0
– Likely to rise to resistance level 84.00
Brent Crude oil recently reversed up from the major support level 81.0 (which has been reversing the price from the middle of February, as can be seen from the daily Brent Crude oil chart below) standing near the lower daily Bollinger Band and the 61.8% Fibonacci correction of the upward impulse from January . The upward reversal from the support level 81.0 stopped the previous impulse wave C, which belongs to the intermediate ABC correction (2) from the start of April.
Given the strength of the support level 81.0 and the strengthening global demand for oil, Brent Crude oil can be expected to rise further toward the next resistance level 84.00, which has been reversing the price from the start of this month.
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