• Brent reversed from resistance zone
• Likely to fall to support level 72.00
Brent recently reversed down from the resistance zone located between the key resistance level 75.20 (which stopped wave (b) at the end of July) and the upper daily Bollinger Band. The downward reversal from this resistance zone created the daily candlesticks reversal pattern Evening Star which stopped the previous impulse waves (iii) and 3, which belong to the long-term impulse wave (3) from the end of March.
Given the falling sentiment seen across the commodities markets today, Brent can be expected to fall further toward the next support level 72.00 (former resistance from the start of last month. Strong resistance now stands at the resistance level 75.20.