Brent crude oil: ⬇️ Sell
– Brent crude oil broke round support level 80.00
– Likely to fall to support level 75.00
Brent crude oil recently broke the support zone between the round support level 80.00 (which stopped wave (2) at the start of March as can be seen below) and the 61.8% Fibonacci correction of the upward impulse from December.
The breakout of this support zone accelerated the C-wave of the active ABC correction 2 from the start of May.
Brent crude oil can be expected to fall to the next support level 75.00 (target price for the completion of the active wave c).