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Brent Crude Oil Wave Analysis – 11 September , 2018

• Brent Crude Oil reversed from support area
• Further gains are likely

Brent Crude Oil recently reversed up strongly from the support area lying between the pivotal support level 7550.00 (former resistance from July) and the 38.2% Fibonacci correction of the previous impulse wave (1).

The upward reversal from this support area started the active medium-term impulse wave (3).

Brent Crude Oil is expected to rise further and retest the next resistance level 7950.00 (top of the previous impulse wave (1)).

BCOUSD - Primary Analysis - Sep-11 1955 PM (1 day)

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