Technical analysis

Brent Wave Analysis – 31 May 2023

– Brent reversed from key support level 72.00

– Likely to rise to resistance level 76.00

Brent crude oil recently reversed up from the key support level 72.00 (which stopped the previous waves 5 and (2)).

The upward reversal from the support level 72.00 will form the daily Japanese candlesticks reversal pattern Hammer (strong buy signal for Brent crude oil).

Given the strength of the nearby support level 72.00, Brent crude oil can be expected to rise further toward the next resistance level 76.00.

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