Categories: 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.

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.

Share
Published by
The FxPro Tech Analysis Team
Tags: brent

Recent Posts

CADCHF Wave Analysis 27 September 2024

CADCHF reversed from resistance level 0.6320 Likely to fall to support level 0.6180 CADCHF currency…

1 day ago

Telsa Wave Analysis 27 September 2024

- Telsa broke daily up channel - Likely to rise to resistance level 268.50 Telsa…

1 day ago

The wild part of the gold rally

Gold has hit all-time highs on each of the last six trading days, reaching $2685.…

1 day ago

The crypto market and Bitcoin break the months-long downtrend

The cryptocurrency market has surpassed previous highs to reach $2.29 trillion, confirming the break of…

2 days ago

Alibaba Group Wave Analysis 26 September 2024

- Alibaba Group broke resistance zone - Likely to rise to resistance level 120.00 Alibaba…

2 days ago

EURJPY Wave Analysis 26 September 2024

- EURJPY rising inside minor impulse wave 3 - Likely to reach resistance level 162.8…

2 days ago

This website uses cookies