Brent Crude Oil Wave Analysis – 24 September , 2018

Brent Crude Oil broke resistance level 80.00
Further gains are likely

Brent Crude Oil recently broke through the strong, multi-month resistance level 80.00 – which has been reversing the price from the middle of May (as can be seen below).

The breakout of this resistance level accelerated the active short-term impulse wave 3, which is a part to the medium-term impulse wave (3) from the start of September.

The price level 80.00 is acting as strong support after it was broken. Given the strength of the active daily uptrend, Brent Crude Oil is expected to rise further and retest the next resistance level 82.00.

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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