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Technical analysis for Brent Crude Oil, the price of the UK oil reached the second target of the third bullish weekly wave and resistance, at 1.618 FIB retracement at 86.00. The price went as high as 86.67, rejected strong resistance, and started a pullback on the weekly and the daily chart. The first target of the pullback, the 0.386 FIB retracement at 78.40, was reached. If the price of Brent Crude Oil breaks below the 0.386 FIB retracement and the low at 78.02, it will open the door for a run toward, first the 1.272 FIB extension at 77.20. The second target is the 1.618 FIB extension at 75.00, and the third is the 0.618 FIB retracement on the weekly chart at 73.20.
On the other hand, if the price of Brent Crude Oil breaks above the previous high at 86.67, it will resume and extend the bullish trend. The first target of this potential bullish breakout is the 2.272 FIB extension at 106.00. The second target is the 2.618 FIB extension at 116.50.
Daily chart:
Weekly chart:
