Brent crude oil Wave Analysis – 24 June, 2020

• Brent crude oil reversed from resistance area

• Likely to fall to level 37.50

Brent crude oil today reversed down from the resistance area lying at the intersection of the resistance level 43.30 (top of the previous wave (A)), 61.8% Fibonacci correction of the sharp downward impulse from February and the upper daily Bollinger band.

The downward reversal from this resistance zone stopped the earlier short-term impulse wave 1 from the middle of June. Brent crude oil is likely to fall further toward the next support level 37.50 (low of the previous correction (B)).