Technical analysis

Brent Wave Analysis 1 February 202

– Brent reversed from resistance level 83.50

– Likely to fall to support level 76.00

Brent crude oil falling after the price reversed down from the pivotal resistance level 83.50 (former strong support from October), which has been reversing the price from November.

The resistance level 83.50 was strengthened by the upper daily Bollinger Band and by the intersecting 50% Fibonacci retracement of the earlier downward impulse from September.

Brent can be expected to fall further to the next support level 76.00 (low of wave 2 from the start of December).

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