Brent crude oil Wave Analysis 5 October, 2020

• Brent crude oil reversed from support area

• Likely to rise to 43.70

Brent crude oil today reversed up sharply from the support area lying between the key support level 40.00 (which has been reversing the price from June), lower daily Bollinger Band and the 38.2% Fibonacci correction of the previous sharp upward impulse from May.

The price will form the daily Japanese candlesticks reversal pattern Bullish Engulfing – if Brent crude oil closes today near the current levels.

The price is likely to rise further toward the next resistance level 43.70 (top of the previous minor correction (ii) from September).