Brent Crude Oil Prices May Plummet to 79.35 as Resistance Zone Reversal Takes Hold

Brent Crude oil prices may continue to fall as it reversed from resistance zone.

The reversal occurred at the pivotal resistance level of 95.00, which is also the low of wave 1 from May.

This resistance zone was a combination of the upper daily Bollinger Band and the 61.8% Fibonacci correction of the downward impulse (C) from the start of May.

According to analysis, Brent Crude oil can be expected to fall further to the next support level of 79.35, which is the target price for the completion of the active intermediate ABC correction (2).