• Brent crude oil reversed from support zone
• Likely to rise to resistance level 88.00
Brent crude oil recently reversed up from the support area lying between the pivotal support level 84.90 (which has been reversing the pair from the middle of November as can be seen from the daily Brent chart below), 20-day moving average and the support trendline of the daily up channel from the end of December . The upward reversal from the support level 84.90 started the active minor impulse wave (iii).
Given the strength of the active daily upward impulse and the increased worries about the oil supply on Russia- Ukraine tensions – Brent crude oil can be expected to rise further toward the next resistance level 88.00 (top of the previous impulse wave (i)).