Categories: Technical analysis

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.

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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