Technical analysis

Brent Crude Oil Wave Analysis – 4 October, 2019

Brent Crude Oil Wave Analysis – 4 October, 2019
  • Brent Crude Oil reversed from support level 56.00
  • Likely to rise to 60.00

Brent Crude Oil recently reversed up from the support area located between the key support level 56,00 (which stopped the previous impulse wave 1 in August) and the lower daily Bollinger Band.

The upward reversal from this support area created the daily Japanese candlesticks reversal pattern Hammer Doj – standing outside of the lower daily Bollinger Band.

Brent Crude Oil is expected to rise further and retest the next resistance level 60.00 (former support  from September).

Article Rating
Rate this post