• Brent crude oil reversed from support zone
• Likely to test resistance level 77.50
Brent crude oil recently reversed up from the support area located between the major support level 67.50 (which has been reversing Brent crude oil from the middle of July), lower daily Bollinger Band and the 61.8% Fibonacci correction of the previous sharp extended upward impulse from January. The upward reversal from this support zone stopped the earlier short-term ABC correction (ii).
Given the strong daily uptrend and the improvement in risk sentiment due to the vaccines and antibody treatment effective against the new omicron state, Brent crude oil can be expected to rise further toward the next resistance level 77.50.