Technical analysis

Brent Crude oil Wave Analysis 24 May 2024

– Brent Crude oil reversed from strong support level 81.00

– Likely to rise to resistance level 84.3

Brent Crude oil recently reversed up from the support area located between the strong support level 81.00, which has been reversing the price from February, and the lower daily Bollinger Band.

The support level 81.00 was strengthened by the nearby lower daily Bollinger Band and by the 61.8% Fibonacci correction of the upward impulse 1 from December.

Given the bullish divergence on the daily Stochastic, Brent Crude oil can be expected to rise further to the next resistance level 84.30.

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