Brent crude oil Wave Analysis 30 October 2024

– Brent crude oil reversed from long-term support level 70.00

– Likely to rise to resistance level 75.00

Brent crude oil recently reversed up from the major long-term support level 70.00 (which has been reversing the price from the end of 2021).

The support zone near the support level 70.00 was strengthened by the lower daily and the weekly Bollinger Bands.

Given the strength of the support level 70.00 and the bullish divergence on the weekly Stochastic indicator, Brent crude oil can be expected to rise to the next resistance level 75.00.