• Brent crude oil reversed from support area
• Likely to rise to resistance level 70.00
Brent crude oil recently reversed up from the support area lying between the support level 64.75 (which stopped the previous correction (ii) at the end of April), lower daily Bollinger Band and the 50% Fibonacci correction of the upward price impulse from the middle of March. The upward reversal from this support area stopped the previous minor corrective wave (ii).
Given the prevailing uptrend and the improvement in risk sentiment seen across the commodities markets today – Brent crude oil can be expected to rise further toward the next round resistance level 70.00 (which has been reversing the price from the start of March).