Brent crude oil Wave Analysis – 22 April, 2019

• Brent crude oil rising inside impulse wave (C)
• Further gains are likely

Brent crude oil continues to rise inside the medium-term impulse wave (C) which recently broke the resistance area lying at the intersection of the round resistance level 70.00 (former support from 2018) and the 50% Fibonacci correction of the weekly downward impulse from last September.

The breakout of this resistance area strengthened the bullish pressure on this instrument.

Brent crude oil is expected to rise further and re-test the next resistance level 80.00 (target price for the completion of the active impulse wave (C)).