• Brent Crude Oil reversed from resistance area
• Likely to fall further
Brent Crude Oil recently reversed down the resistance zone located between the strong round resistance level 80.00 (which stopped the price in May and June) and the upper daily Bollinger Band.
The downward reversal from this resistance area created the daily Japanese candlesticks reversal pattern Bearish Engulfing – which stopped the earlier minor impulse wave (iii).
Brent Crude Oil is likely to correct down further and re-test the next support level 75.30 (intersecting with the daily up channel from February).