• Brent oil reversed from support area
• Likely to reach resistance level 66.30
Brent oil recently reversed up once again from the support area between the support level 62.00 (which has been repeatedly reversing the price from the middle of February), lower daily Bollinger Band and the 61.8% Fibonacci correction of the pervious sharp upward impulse from the end of January. The upward reversal from this support zone stopped the pervious short-term impulse wave (i).
Given the prevailing uptrend and the increased demand for oil after Egypt’s Suez Canal was blocked by huge container ship – Brent oil can be expected to rise further toward the next resistance level 66.30 (former support from the start of March).