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).