Brent Crude oil Wave Analysis – 27 December, 2022

• Brent Crude oil rising inside impulse wave C

• Likely to test resistance level 88.95

Brent Crude oil continues to rise inside the C-wave of the intermediate ABC correction (2) which previously broke the resistance level 83.30 intersecting with the daily down channel from November.

The breakout of the resistance level 83.30 added to the bullish pressure on Brent Crude oil –accelerating the active impulse wave C.

Brent Crude oil can be expected to rise further toward the next round resistance level 88.95 (top of wave 4 from the end of last year).