• Brent crude oil reversed from resistance area
• Likely to fall to support level 67.50
Brent crude oil recently reversed down from the resistance area lying between the long-term resistance level 71.10 (which stopped the previous sharp uptrend at the start of March as can be seen below) and the upper daily Bollinger Band. The downward reversal from this resistance area stopped the previous short-term impulse wave 3.
Given the strength of the aforementioned resistance area and the overbought reading on the daily Stochastic indicator – Brent crude oil can be expected to correct down further toward the next support level 67.50 (former minor support from the end of last month).