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Brent Crude Oil Wave Analysis – 24 January, 2019

  • Brent Crude Oil reversed from resistance area
  • Further losses are likely

Brent Crude Oil recently reversed down from the resistance area lying at the intersection of the resistance level 63.00 (which also reversed the price at the end of 2018), resistance trendline from 2018 (former support trendline), and the 38.2% Fibonacci correction of the previous sharp downward impulse from last year.

The downward reversal from this resistance area completed the previous long-term ABC correction ②.

Brent Crude Oil is expected to fall further and re-test the next support level 59.10 (which reversed the price earlier this month).

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Source: FxPro


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