Brent Wave Analysis – 11 February, 2022

• Brent reversed from support zone

• Likely to rise to resistance level 93.35

Brent recently reversed up from the support area located between the key support level 90.00 (former resistance from January), 38.2% Fibonacci correction of the upward impulse (i) from January and the support trendline of the daily up channel from December.

The upward reversal from this support area continues the active short-term impulse waves (iii), 3 and (C).

Given the clear daily uptrend, Brent can be expected to rise further toward the next resistance level 93.35 (top of the previous impulse waves (i)).