Brent Crude Oil Technical Analysis Report May 24, 2024

– Brent oil reversed from the 81.0 support level

– It is possible to rise to the resistance level 84.00

Brent crude has recently reversed from the 81.0 major support level (which reversed the price from mid-February, as can be seen from the daily Brent crude chart below) hovering near the lower daily Bollinger band and of 61.8% Fibonacci. January upward momentum correction. The upside reversal from the 81.0 support level stopped the previous C impulse wave, which belongs to the ABC (2) intermediate correction from early April.

Given the strength of the 81.0 support level and the increase in global oil demand, Brent Crude oil can be expected to rise further towards the next 84.00 resistance level, which reversed the price earlier this month.

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