Categories: Technical analysis

Brent Crude Oil Wave Analysis – 17 February 2025

– Brent Crude Oil reversed from support zone

– Likely to rise to resistance level 76.75

Brent Crude Oil recently reversed up from the support zone between the key support level 74.00 (former strong resistance from December), lower daily Bollinger Band and the 61.8% Fibonacci correction of the upward impulse from October.

The upward reversal from this support zone stopped the previous short-term ABC correction ii from the middle of January.

Given the bullish divergence on the daily Stochastic, Brent Crude Oil can be expected to rise to the next resistance level 76.75.

The FxPro Tech Analysis Team

The FxPro technical experts prepare a daily analysis of the most active currency pairs (majors, crosses, exotics) and commodities. Selected instruments are reviewed on daily trends (D1, H4), using the active Elliott Wave setups, Japanese candlesticks, indicators, and support/resistance levels.

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