Brent Crude Oil Wave Analysis – 09 January, 2020

• Brent Crude Oil reversed from resistance area
• Likely to fall to 64.00

Brent Crude Oil recently reversed down from the resistance area lying between the resistance levels 70,00 and 68.80 (top of the previous sharp wave (A) from September) and the upper daily Bollinger Band.

The downward reversal from this resistance area stopped the previous multi-month ABC correction ② from August.

Brent Crude Oil is likely to fall further toward the next support level 64,00 (low of the previous short-term correction (iv) from December).