Crude oil

Brent crude oil Technical Analysis Report 16 June, 2021

• Brent crude oil broke resistance area
• Likely to rise to resistance level 80.00

Brent crude oil continue to advance strongly after the price broke above the resistance area lying between the key resistance level 71.15 (which stopped the previous sharp uptrend in March) and the resistance trendline of the daily up channel from March. The breakout of this resistance area accelerated the active short-term impulse wave 3.

Given the clear daily uptrend – Brent crude oil can be expected rise further toward the next resistance level 75.00 – which if broken would open the way for further gains toward the next round resistance level 80.00 (target price for the completion of the active impulse wave 3).

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