Brent crude oil Wave Analysis 9 October 2023

– Brent crude oil reversed from support level 83.15

– Likely to rise to resistance level 90.00

Brent crude oil recently reversed up from the support level 83.15 (which has been repeatedly reversing the price from the start of August), coinciding with the lower daily Bollinger Band and the 50% Fibonacci correction of the upward impulse from June.

The upward reversal from the support level 83.15 is currently forming the daily candlesticks reversal pattern Morning Star Doji.

Given the still oversold daily Stochastic, Brent crude oil can be expected to rise further toward the next resistance level 90.00.