• Brent crude oil reversed from resistance area
• Likely to fall to support level 66.10
Brent crude oil recently reversed down from the resistance area lying between the round resistance level 70.00 (which stopped the previous upward impulse wave (i) 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 (iii) from the start of this month – which belongs to wave 5 of the sharp upward impulse wave (C) from the November of 2020.
Given the deterioration of the global risk sentiment – after Germany reported the geometric rise in covid-19 infection rates and also stopped vaccination by the AstraZeneca vaccine – Brent crude oil can be expected to fall further toward the next support level 66.10 (top of the previous impulse wave (ii) from the end of February, which stopped the previous correction (ii)).