Brent crude oil Wave Analysis 17 May 2024

– Brent crude oil reversed from key support level 81.00

– Likely to test resistance level 84.00

Brent crude oil recently reversed up from the key support level 81.00 (which has been reversing the price from the start of February) intersecting with the lower daily Bollinger Band and the 50% Fibonacci correction of the upward impulse from December.

The upward reversal from the support level 81.00 created the daily Hammer, which stopped the earlier correction ii.

Brent crude oil can then be expected to rise further to the next resistance level 84.00, which reversed the price at the start of May.