Categories: 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

The FxPro Tech Analysis Team

The FxPro technical experts prepare a daily analysis of the most active currency pairs (majors, crosses, exotics) and commodities. Selected instruments are reviewed on daily trends (D1, H4), using the active Elliott Wave setups, Japanese candlesticks, indicators, and support/resistance levels.

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The FxPro Tech Analysis Team
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