Brent Crude Oil

Brent crude oil has broken the trendline resistance and it looks like primary wave 5 has started, and within wave 5 , wave I and wave II are posiibly been completed and wave III should now unfold at $ 79.40 to $ 80.21, where wave III will be atleast equal to wave I, and on the down, the swing low of $ 70.89 will be now crucial support. one can go long at current levels or in dips (hopefully) with stoploss of $ 70.89

wave structure

key levels

macd in daily is positive, uptick and above zero line

rsi in daily is positive, uptick and also near 60

price tooked support from middle bollinger and now its above same

on weekly chart dmi is converging from negative to positive


Disclaimer
I am not sebi registered analyst
My studies are for educational purpose only
Consult your financial advisor before trading or investing