Brent crude oil be expected to fall further to the next support level 105.00 – the breakout of which can lead to further losses toward the next round support level 100.00
- Brent crude oil reversed from resistance level 112.80
- Likely to fall to support level 105.00
Brent crude oil recently reversed down from the resistance area between the key resistance level 112.80 (which stopped the previous waves (3) and B, as can be seen from the daily Brent crude oil chart) and the upper daily Bollinger Band The downward reversal from this resistance area stopped the earlier short-term impulse wave 1 – which belongs to the intermediate impulse wave (5) from the middle of April. The price is likely to form the daily Japanese candlesticks reversal pattern Long-Legged Doji if the price closes today near the current levels – strong sell signal for Brent crude oil.
Given the strength of the resistance level 112.80 and the overbought daily Stochastic, Brent crude oil be expected to fall further to the next support level 105.00 – the breakout of which can lead to further losses toward the next round support level 100.00.
Brent crude oilThe information does not constitute advice or a recommendation on any course of action and does not take into account your personal circumstances, financial situation, or individual needs. We strongly recommend you seek independent professional advice or conduct your own independent research before acting upon any information contained in this article.
