Brent crude oil Wave Analysis 8 October, 2020

• Brent crude oil continues to rise

• Likely to reach 44.00

Brent crude oil has been rising in the last few trading sessions following the earlier upward reversal from the support area located between the key support level 40.00 and the 38.2% Fibonacci correction of the upward impulse from May.

The upward reversal from this support zone stopped the previous short-term impulse wave (iii).

Brent crude oil is likely to rise further toward the next resistance level 44.00 (top of wave (ii)) – followed by 46.40 (monthly high from August).