Technical analysis

Brent Wave Analysis 25 November, 2020

Brent Wave Analysis 25 November, 2020

• Brent rising inside impulse wave C

• Likely to rise to 50.00

Brent continues to rise inside the sharp upward impulse wave C, which previously broke the powerful resistance level 46.60 (monthly high from August) and the resistance trendline of the daily up channel from April.

The breakout of the resistance level 46.60 continues the multi-month uptrend inside which Brent has been moving from April.

Brent is likely to rise further toward the next round resistance level 50.00 (target price calculated for the completion of the active impulse wave 3).

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