Crude oil

Brent crude oil Technical Analysis Report 14 April, 2021

• Brent crude oil broke resistance level 65.00
• Likely to rise to 70.00

Brent crude oil recently today broke the resistance area lying between the key resistance level 65.00 (top of the previous impulse wave 1 from the end of March) and the 50% Fibonacci correction of the previous downward ABC correction (2) from the start of March. The breakout of the resistance level 65.00 should accelerate the active minor impulse wave 3) – which belongs to wave (3) from last month.

Given the strong daily uptrend Brent crude oil can be expected to rise further in the active impulse wave 3 toward the next round resistance level 70.00 (top of the previous corrective wave B and the target for the completion of wave 3).

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