Brent Crude Oil Wave Analysis 3 December 2024

– Brent crude oil rising inside daily Triangle

– Likely to rise to resistance level 74.00

Brent crude oil recently reversed up from the support trendline of the daily Triangle inside which the price has been moving since September.

The upward reversal from this support trendline stopped the earlier impulse waves iii and 3  – which belong to the medium-term downward impulse sequence (3) from the start of October.

Brent crude oil can be expected to rise further to the next resistance level 74.00, coinciding with the resistance trendline of this Triangle.