Brent crude oil could rise to $75.97 before falling
Reuters technical analysts pointed out on Tuesday (February 18) thatAohui official websiteBrent crude oil could rise to $75.97 a barrel as the rally triggered by the $74.08 support is likely to continue.
The rally was fueled by the B wave, which briefly broke through the triangle's upper trendline and resistance at $75.25.
The rally could extend to $75.97. If further breakouts could confirm a small double bottom near $74.08, the bullish target would be set at $77.14.
The support level is at $74.76, and a fall below this level could fall to the $73.36-74 range. The daily chart shows that the contract is expected to eventually fall below the $74.01 support towards $71.97, as the current decline is the opposite of the upward trend since $68.68.
The trend will consist of three waves, with the bottom of the B wave (approximately $70.58) targeted.
At 09:57 Beijing time, Brent crude oil is now trading at $75.08 per barrel.
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