Given the multi-month downtrend and the strength of the resistance zone near the resistance level 69.50, Brent crude oil can be expected to fall further to the next support level 66.75 (which has been reversing the price from January).
- Brent crude oil reversed from resistance area
- Likely to fall to support level 66.75
Brent crude oil recently reversed from the resistance area located between the multi-month resistance level 69.50 (which has been reversing the price from September, as can be seen from the daily Brent crude oil chart below), upper daily Bollinger Band and the 61.8% Fibonacci correction of the downward impulse from June of 2025. The downward reversal from this resistance area stopped the previous minor impulse wave 3, which belongs to the impulse wave (3) from January.
Given the multi-month downtrend and the strength of the resistance zone near the resistance level 69.50, Brent crude oil can be expected to fall further to the next support level 66.75 (which has been reversing the price from January).
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