Brent Crude Oil: ⬆️ Buy
– Brent Crude Oil reversed from long-term support level 58.60
– Likely to rise to resistance level 62.00
Brent Crude Oil recently reversed from the support area between the long-term support level 58.60 (which has been reversing the price from April) and the lower daily Bollinger Band.
The upward reversal from this support area started the active short-term corrective wave (iv).
Given the strength of the support level 58.60, Brent Crude Oil can be expected to rise to the next resistance level 62.00 (former support from November).