• Brent crude oil broke resistance area
• Likely to rise to resistance level 72,50
Brent crude oil recently broke the resistance area located between the round resistance level 70,00 and the resistance trendline of the daily down channel from the end of July. The breakout of this resistance area accelerated the active short-term impulse wave 3 – which belongs to the higher-order upward impulse sequence 3 from the middle of August.
Given the prevailing uptrend and the improvement in risk sentiment as seen across the commodities markets today, Brent crude oil can be expected to rise further toward the next resistance level 72,50 (previous minor reversal high from the start of this month).