Brent Crude oil Wave Analysis 10 September 2024

– Brent Crude oil broke key support level 72.60

– Likely to fall to support level 68.00

Brent Crude oil recently broke the support zone located between the key support level 72.60 (former multi-month support from December) and the support trendline of the daily down channel from July.

The breakout of the support level 72.60 accelerated the active impulse waves iii, 3 and (3).

Given the clear downtrend, Brent Crude oil can be expected to fall further to the next support level 68.00, target price for the completion of the active impulse wave iii.