• Brent broke major resistance level 76.95
• Likely to rise to resistance level 80.00
Brent crude oil continues to rise after recently breaking the major resistance level 76.95 (which stopped the previous minor impulse wave 1 at the start of July, as can be seen from the daily Brent crude oil chart below). The breakout of the resistance level 76.95 accelerated the active short-term impulse wave (iii) of the higher-order impulse waves 3 and (3).
Given the clear multi-month uptrend and the improvement of the risk sentiment as seen across the crude oil markets today, Brent crude oil can be expected to rise further toward the next round resistance level 80.00 (target price for the completion of the active short-term impulse wave (iii)).
