• Brent crude oil reversed from support zone
• Likely to rise to resistance level 75.60
Brent crude oil today reversed up from the support zone set between the pivotal support level 73.10 (former resistance which stopped the previous impulse wave (i) at the start of September) and the 20-day moving average. The upward reversal from this support zone stopped the previous short-term downward corrective wave (ii) – which is a part of the longer-term upward impulse waves 3 and (3) – from August and March respectively.
Given the strong daily uptrend and improving sentiment across the commodities markets on hopes for stronger demand from China, Brent crude oil can be expected to rise further toward the next resistance level 75.60 (which stopped the previous impulse waves (b) and (i)).