• Brent crude oil reversed from support area
• Likely to reach resistance level 70.00
Brent crude oil recently reversed up from the support area located between the key support level 62.50 (which has been steadily reversing the price from the end of February ), coinciding with the lower daily Bollinger Band and the 61.8% Fibonacci correction of the pervious upward impulse from the end of January. The downward reversal from this support area is aligned with the prevailing uptrend that can be seen on the daily Brent crude oil charts.
Given the improvement in risk sentiment as seen across the global commodities markets today – Brent crude oil can be expected to rise further toward the next round resistance level 70.00 (top of the pervious waves 5 and (ii) from, the start of March).