• 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)).