Technical analysis

Brent Crude Oil broke support area

• Brent Crude Oil broke support area • Further losses are likely

Brent Crude Oil recently broke through the support area lying at the intersection of the key support level 67.60 (which also reversed the price sharply in September) and support trendline from March.

The breakout of this support area accelerated the active short-term impulse wave (c) – which belongs to the medium-term corrective wave 2 from the start of October.

Brent Crude Oil is expected to fall further and re-test the next support level 65.00 (target price for the completion of the active corrective wave 2).

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