Crude oil

Brent crude oil Technical Analysis Report 15 February, 2021

• Brent crude oil reversed from support level 60.00
• Likely to rise to resistance level 65.00

Brent crude oil recently reversed up from key round support level 60.00 – which started the active minor impulse wave 3. The active impulse wave 3 belongs to the medium-term impulse wave (5) from the start of February – which itself started from the key support level 55.00. The price is currently moving inside the accelerated daily up channel – which points toward further gains for the Brent crude oil in the coming trading sessions.

Given the strong uptrend that can be seen on daily Brent crude oil charts on expectations USA stimulus package will drive more demand for oil in the medium-term perspective – Brent crude oil can be expected to rise further toward the next resistance level 65.00 (lying at the intersection of the two daily up channels).

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