Brent Crude oil Wave Analysis 6 June 2024

– Brent Crude oil reversed from support level 76.95

– Likely to rise to resistance level 80.55

Brent Crude oil recently reversed up from the key support level 76.95 (which has been repeatedly reversing the price from the start of this year).

The support level 76.95 was strengthened by the lower daily Bollinger Band and by the support trendline of the daily down channel from April.

Given the strength of the support level 76.95 and the oversold daily Stochastic, Brent Crude oil be expected to rise further to the next resistance level 80.55, former low of wave a from the end of May.