• Brent Crude Oil reversed from support area
• Further gains are likely
Brent Crude Oil continues to rise after the earlier upward reversal from the support area lying between support levels 73.50 and 72.50 (which have been steadily reversing the price from the end of April). This support area was further strengthened by the lower daily Bollinger Band and by the support trendline of the daily up channel from February.
The upward reversal from the aforementioned support zone created the daily Japanese candlesticks reversal pattern Piercing Line.
Brent Crude Oil is likely to rise further in the active impulse waves 3 and (3) and re-test the next resistance level 78.00 (high of the previous wave (b)).