Brent crude oil can be expected to fall to the next support level 93.25 (low of the previous minor correction at the end of March) – the breakout of which can lead to further losses to 90.00.
- Brent crude oil reversed from round resistance level 100.00
- Likely to fall to support level 93.25
Brent crude oil recently reversed from the resistance area between the round resistance level 100.00 (which has been reversing the price from the start of March, as can be seen from the daily Brent crude oil chart below) and the upper daily Bollinger Band. The downward reversal from this resistance area created the daily Japanese candlestick reversal pattern Evening Star Doji (strong sell signal for Brent crude oil) , which accelerated the active minor impulse wave C of the ABC correction 2 from the start of March.
Given the strength resistance area near the round resistance level 100.00, Brent crude oil can be expected to fall to the next support level 93.25 (low of the previous minor correction at the end of March) – the breakout of which can lead to further losses to 90.00.
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