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
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key levels
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macd in daily is positive, uptick and above zero line
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rsi in daily is positive, uptick and also near 60
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price tooked support from middle bollinger and now its above same
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on weekly chart dmi is converging from negative to positive
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Disclaimer
I am not sebi registered analyst
My studies are for educational purpose only
Consult your financial advisor before trading or investing

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