• Brent broke resistance zone
• Likely to rise to resistance level 75.20
Brent continues to rise inside the minor impulse wave (iii), which previously broke through the resistance zone lying between the key resistance level 73.00 (which stopped the previous short-term impulse wave (i) at the start of September) and the resistance trendline of the wide daily down channel from the start of July. The breakout of this resistance zone accelerated the active upward impulse waves (iii) and 3.
Given the strong multi-month upend that can be seen on the daily Brent charts – Brent can be expected to rise further toward the next resistance level 75.20 (top of the previous short-term correction (b) from the end of July).
