Brent Crude Oil Eyes $106.70: Bullish Rebound Off $94.85…

AI summary of the source article

Brent crude oil recently reversed upward from a support zone between the pivotal 94.85 support level, the support trendline of a daily up channel from July, and the lower daily Bollinger Band. This reversal initiated the active short-term impulse wave iii, which is part of a higher-order impulse wave C originating in early August. Driven by this multi-month uptrend, Brent crude oil is projected to climb toward its next resistance level at 106.70, a threshold that previously halted minor impulse wave i earlier this month.

Key facts

• Brent crude oil reversed up from a support zone around the 94.85 level.
• The commodity is projected to rise toward the 106.70 resistance level.
• The upward movement initiated short-term impulse wave iii within a multi-month uptrend.