Brent Crude Oil Wave Analysis: Bearish Reversal Targets 90.00 Support

Brent crude oil has recently undergone a significant bearish reversal, turning away from a formidable resistance zone around the pivotal level of 96.00. This key resistance threshold has effectively capped price advances since June and is further reinforced by its alignment with the 61.8% Fibonacci correction of the downward impulse originating in May, as well as the upper boundary of the daily Bollinger Band.

This sharp downward reversal has successfully broken the previous intermediate short-term impulse wave that commenced at the beginning of August. Considering the substantial technical weight of the 96.00 resistance level, Brent crude oil is poised to continue its downward trajectory. The next major target for support is anticipated at the round psychological level of 90.00.

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