- Brent crude oil broke strong resistance level 46.60
- Likely to rise to 50.00
Brent crude oil continues to rise inside the short-term impulse wave 3 which previously broke above the powerful resistance level 46.60 (which stopped the previous extended upward wave (A) at the end of August as can be seen below) – which added to the bullish pressure on Brent crude oil. The breakout of the resistance level 46.60 was preceded by the breakout of the 50% Fibonacci correction level of the previous sharp downtrend from January.
Given the clear daily uptrend and the strengthening risk-ok sentiment seen today – Brent crude oil is expected to rise further toward the next round resistance level 50.00, which is also the target price for the completion of the active short-term impulse wave 3.