Weekly analytics- Elliott waves analysis – Weekly Review

 Brent Oil Weekly Review

Wave Analysis:
Last week, the Brent oil rallied to the lowerside and is currently around a significant supportive zone 92.552-85.500. As long as the price does not break and close blow this zone, we are watching for a possible rebound from this zone to pick a possible long term buy poisition with an ultimate target set at 131.092, in case the price breaks below 92.552, then  we will be waiting for a break below 85.500 to pick a possible long term sell position  towards  70.00 and may likely continue lower.
Trade Recommendations:
We’re watching for a rebound from the zone 92.552 -85.500 to pick a possible long term buy position towards 131.092.