Technical analysis

Brent Crude Oil Wave Analysis – 23 November , 2018

  • Brent Crude Oil falling inside sharp impulse wave 5
  • Further losses are likely

Brent Crude Oil continues to fall in the sharp short-term impulse wave 5 – which belongs to wave (C) of the strong extended downward ABC correction ② from the start of October.

The price today broke through the key support level 61.70 – which has been repeatedly reversing the price from the middle of November.

Having just broken through the key support level 60.00 – Brent Crude Oil is expected to fall further and retest the next major support at 50.00

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