According to Reuters, based on wave pattern and Fibonacci forecast analysis, Brent crude oil may break through the resistance level of $56.56 per barrel and will rise to the downward resistance of $57.27.

2024/05/0508:21:32 hotcomm 1520

According to Reuters, based on wave pattern and Fibonacci forecast analysis, Brent crude oil may break through the resistance level of $56.56 per barrel and will rise to the downward resistance of $57.27.

According to Reuters, based on wave pattern and Fibonacci forecast analysis, Brent crude oil may break through the resistance level of $56.56 per barrel and will rise to the downward resistance of $57.27. - DayDayNews

The above resistance levels are respectively the 200% and 223.6% Fibonacci predicted levels of the rising C wave. The rising C wave is the third wave in the three-wave cycle extending from the low of $50 on August 17.

Three small waves form this C wave. The third wave c is expected to rise to $57.35, which is the 100% forecast level. The consolidation range of $54.71-$55.85 also suggests similar targets. On the

-day chart, oil prices have hit the resistance level of $56.46, which is the last obstacle to the January 3 high of $58.37.

According to Reuters, based on wave pattern and Fibonacci forecast analysis, Brent crude oil may break through the resistance level of $56.56 per barrel and will rise to the downward resistance of $57.27. - DayDayNews

The corrective trend in oil prices may be limited by the $55.85-$56.15 support area (first chart).

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