Brent Crude Oil broke pivotal resistance level 70.00

Brent Crude Oil broke pivotal resistance level 70.00
Further gains are likely

Brent Crude Oil recently broke through the pivotal resistance level 70.00 (former multi-month support level from the middle of 2018).

The breakout of the resistance level 70.00 follows the earlier breakout of the 50% Fibonacci correction level of the previous sharp weekly downward impulse from last October.

Brent Crude Oil is expected to rise further and re-test the next resistance level 75.00 (target price for the completion of the active impulse wave (C)).

The FxPro Tech Analysis Team

The FxPro technical experts prepare a daily analysis of the most active currency pairs (majors, crosses, exotics) and commodities. Selected instruments are reviewed on daily trends (D1, H4), using the active Elliott Wave setups, Japanese candlesticks, indicators, and support/resistance levels.

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