• Brent reversed from support area
• Likely to rise to resistance level 95.25
Brent crude oil recently reversed up from the combined support area located between the round support level 90.00 (former resistance from the end of January), 20-day moving average and the 50% Fibonacci correction of the previous impulse wave (v) from last month.
The upward reversal from this support area stopped the previous short-term corrective wave (iv).
Given the clear daily uptrend – Brent crude oil can be expected to rise further toward the next resistance level 95.25 (top of last wave (iii) – target for the completion of the active impulse wave 3).
Source: Fxpro
