Brent Crude Oil Wave Analysis – 23 October 2026

Date: October 23, 2026

Analysis by: The FxPro Tech Analysis Team

Market Overview

Brent Crude Oil has recently shown significant bullish momentum, breaking through a key resistance level of 106.60. This breakout is indicative of a strong upward trend in the market, suggesting further price increases in the near future.

Technical Analysis

• Current Price Action: Brent Crude Oil has broken the resistance level of 106.60, which had previously halted the upward movement at the beginning of September.
• Impulsive Wave Structure: The breakout has triggered an active impulse wave (iii) within the larger impulse wave 3, which is part of a higher order impulse wave C that began at the end of June.
• Next Target: Analysts expect Brent Crude Oil to rise towards the next resistance level at 113.80. This level previously acted as a barrier during the sharp upward impulse wave (A) in March and wave B at the start of May.

Conclusion

Given the strong daily uptrend and the recent breakout above the resistance level, Brent Crude Oil is poised for further gains. Traders are advised to consider buying positions as the price is likely to approach the 113.80 resistance level in the coming sessions.