Given the strength of resistance level 113.75, risk-on market sentiment and the bearish divergence on the daily Stochastic indicator, Brent Crude Oil be expected to fall to the next round support level 90.00.

 

  • Brent Crude Oil reversed from resistance area
  • Likely to fall to round support level 90.00

Brent Crude Oil recently reversed from the resistance area between the key resistance level 113.75 (which stopped the previous minor impulse wave 3 at the start of March, as can be seen from the daily Brent chart below) and the upper daily Bollinger Band. The downward reversal from this resistance area stopped the earlier sharp impulse wave 5 of the intermediate impulse wave (3) from the end of December. The downward reversal from the resistance level 113.75 formed the daily Japanese candlesticks reversal pattern Long-Legged Doji.

Given the strength of resistance level 113.75, risk-on market sentiment and the bearish divergence on the daily Stochastic indicator, Brent Crude Oil be expected to fall to the next round support level 90.00.

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