Brent crude oil: ⬆️ Buy
– Brent crude oil reversed from the pivotal support level 68.55
– Likely to rise to resistance level 71.30
Brent crude oil recently reversed from the support area between the pivotal support level 68.55 (former multi-month low from September) and the lower daily Bollinger Band.
The upward reversal from this support area stopped the earlier downward impulse waves 3 and (3).
Given the strength of the support level 68.55 and the oversold daily Stochastic, Brent crude oil can be expected to rise to the next resistance level 71.30.
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