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Brent Crude Oil Wave Analysis – 4 October, 2019

  • Brent Crude Oil reversed from support level 56.00
  • Likely to rise to 60.00

Brent Crude Oil recently reversed up from the support area located between the key support level 56,00 (which stopped the previous impulse wave 1 in August) and the lower daily Bollinger Band.

The upward reversal from this support area created the daily Japanese candlesticks reversal pattern Hammer Doj – standing outside of the lower daily Bollinger Band.

Brent Crude Oil is expected to rise further and retest the next resistance level 60.00 (former support  from September).


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