Brent Crude oil can be expected to fall further to the next support level 79.35 (target price for the completion of the active intermediate ABC correction (2).).
- Brent Crude oil reversed from resistance zone
- Likely to fall to support level 79.35
Brent Crude oil recently reversed up from the resistance zone between the pivotal resistance level 95.00 (low of wave 1 from May, which has been reversing the price from June), upper daily Bollinger Band and the 61.8% Fibonacci correction of the downward impulse (C) from the start of May. The downward reversal from this resistance zone started the active intermediate ABC correction (2).
Given the clear multi-month downtrend and the lifting of the tensions between USA and Iran, Brent Crude oil can be expected to fall further to the next support level 79.35 (target price for the completion of the active intermediate ABC correction (2).).
The subject matter and the content of this article are solely the views of the author. FinanceFeeds does not bear any legal responsibility for the content of this article and they do not reflect the viewpoint of FinanceFeeds or its editorial staff.
The information does not constitute advice or a recommendation on any course of action and does not take into account your personal circumstances, financial situation, or individual needs. We strongly recommend you seek independent professional advice or conduct your own independent research before acting upon any information contained in this article.
