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Brent Crude Oil broke pivotal resistance level 70.00

Brent Crude Oil broke pivotal resistance level 70.00
  • Brent Crude Oil broke pivotal resistance level 70.00
  • Further gains are likely

Brent Crude Oil recently broke through the pivotal resistance level 70.00 (former multi-month support level from the middle of 2018).

The breakout of the resistance level 70.00 follows the earlier breakout of the 50% Fibonacci correction level of the previous sharp weekly downward impulse from last October.

Brent Crude Oil is expected to rise further and re-test the next resistance level 75.00 (target price for the completion of the active impulse wave (C)).

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Source: FxPro


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