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Brent crude breaks key resistance zone, targeting 95.00

The analysis says the move could accelerate a short term upward impulse, extending gains from early August.

Reported · Written up by our desk · Energy

Brent crude oil has broken a resistance zone between 88.80 and the 61.8% Fibonacci level tied to a prior downward pattern, according to Action Forex.

The outlet expects the breakout to accelerate an active short term impulse wave 3 that began in August.

Brent is forecast to rise further toward the next resistance level at 95.00, which had previously stopped an impulse wave 1 in July.

Latest closeWTI crude $82.40 ▲1.4%|Brent $88.59 ▲1.8%

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