Brent crude oil Wave Analysis – 19 October, 2022
October 19, 2022 @ 09:17 +03:00
• Brent crude oil reversed from resistance level 95.00
• Likely to fall to support level 86.00
Brent crude oil recently reversed down from the resistance level 95.00 (which has been reversing the price from September), coinciding with the daily down channel from July, upper daily Bollinger Band and the 38.2% Fibonacci correction of the downward impulse from June.
The downward reversal from the resistance level 95.00 started the active medium-term ABC wave (2).
Brent crude oil can be expected to fall toward the next support level 86.00 (target for the completion of the active ABC correction (2)).