Brent Wave Analysis – 18 July, 2022

• Brent reversed from support area

• Likely to rise to resistance level 105.00

Brent crude oil recently reversed up from the support area located between the key support level 95.00 (former monthly low from March), lower daily Bollinger Band and the 50% Fibonacci correction of the upward impulse from December.

The upward reversal from this support area started the active intermediate impulse wave (1).

Given the clear daily uptrend, Brent crude oil can be expected to rise further toward the next resistance level 105.00 (top of wave 4 and low of wave 1 from June).