Technical Analysis for Brent Crude Oil, the price reached the fourth target of the fifth bullish wave on the weekly chart, the 1.272 FIB extension at 130.00. The price went as high as 133.10 and started a pullback, eventually forming a new trading range between 133.10-96.90. If the price of UK Oil breaks above the previous high at 133.10, that will open the door for a bullish run toward the 1.618 FIB extension on the weekly chart, which is the fifth target of the fifth bullish wave.
If the price of Brent Crude Oil breaks below the previous low on the daily chart at 96.90, that will open the door for further decline. The first target for this potential bearish breakout is the 0.618 FIB retracement on the weekly chart around 91.50. The second target is the 0.382 FIB retracement on the monthly chart arround 88.50 and the support zone around 85.50.