• Brent crude oil reversed from support area
• Likely to rise to resistance level 67.5

Brent crude oil recently reversed up from the support zone located between the key support level 64.35 (which has been reversing the price from the middle of April) and the lower daily Bollinger Band. The upward reversal from this support zone stopped the previous short-term impulse waves (iii) and (c).

Given the clear daily uptrend and the improvement in risk sentiment as seen across the commodities markets today, Brent crude oil can be expected to be expected to rise further toward the next resistance level 67.5 (former support level from the middle of July).