Brent crude oil Wave Analysis – 13 January, 2023

 • Brent crude oil rising inside wave (b)

• Likely to reach resistance level 87.00

Brent crude oil continues to rise after the earlier breakout of the resistance trendline from the start of November.

The breakout of this resistance trendline coincided with the breakout 38.2% Fibonacci correction of the previous downward impulse 1 from November.

Brent crude oil can be expected to rise further toward the next resistance level 87.00 (top of the previous short-term correction 2 and the target for the completion of the active wave (b)).