Technical analysis

Brent Crude Oil Wave Analysis – 07 November , 2018

  • Brent Crude Oil reversed from support zone
  • Further gains are likely

Brent Crude Oil recently reversed up from the support zone lying between the pivotal support level 71.40 (which has been reversing the price from June), lower daily Bollinger Band and the 61.8% Fibonacci correction of the previous upward price trend from February.

The upward reversal from this support zone is likely to create the daily Japanese candlesticks reversal pattern Bullish Engulfing – if the price closes today near the current levels.

Brent Crude Oil is like to rise further and re-test the next resistance level 75.55 (former support from September and October).

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