Categories: Technical analysis

Brent Crude oil Wave Analysis 28 July 2023

– Brent Crude oil broke two resistance levels

– Likely to rise to resistance level 86.00

Brent Crude oil recently broke the two consecutive resistance levels – 81.00 and 82.75 (top of the previous wave B from the end of April).

The breakout of theses resistance levels coincided with the breakout of the multi-month resistance trendline from last November – which accelerated the active impulse waves v and 3.

Brent Crude oil can be expected to rise further toward the next resistance level 86.00 (former monthly high from February and March).

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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Tags: brent

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