Brent Crude Oil Wave Analysis – 28 June, 2019

Brent Crude Oil moving inside weekly correction (2)
Further gains are likely

Brent Crude Oil continues to rise inside the weekly upward correction (2) which started earlier from the support area lying between the key support level 60.00 (which reversed the price in January) and the lower weekly Bollinger Band.

The aforementioned support area was strengthened by the 61.8% Fibonacci correction of the previous ABC wave ② from last December.

Brent Crude Oil is expected to rise further and retest the next resistance level 69.00 (former support from May).

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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