• Brent Crude Oil reversed from strong resistance level 79.50
• Further losses are likely
Brent Crude Oil recently reversed down sharply from the major, multi-month resistance level 79.50 (which has reversed the price multiple times from the middle of May, as can be seen below) – strengthened by the upper daily Bollinger Band.
The downward reversal from the resistance level 79.50 created the daily Japanese candlesticks reversal pattern Shooting Star.
Brent Crude Oil is expected to fall further and retest the next support level 75.00 (former resistance form July and August).