Brent crude oil can be expected to rise further toward the next resistance level 112.80 (which stopped the previous corrective wave B at the start of May).
- Brent crude oil broke resistance level 106.10
- Likely to rise to resistance level 112.80
Brent crude oil recently broke the resistance level 106.10 (which stopped the previous impulse wave A in the middle of September, as can be seen from the daily Brent crude oil chart below). The breakout of this resistance levelaccelerated the active minor impulse wave iii of the impulse wave C – which belongs to the intermediate impulse wave (3) from the start of July.
Given the clear daily uptrend and the predominantly bullish sentiment seen across the crude oil markets on the ongoing Middle East supply disruptions, Brent crude oil can be expected to rise further toward the next resistance level 112.80 (which stopped the previous corrective wave B at the start of May).
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