Brent crude oil prices continue to move within a strong correction and bullish channel. At the time of this forecast’s publication, the price of Brent crude oil is $89.65 per barrel. Moving averages indicate a short-term uptrend in oil prices. Prices are again testing the area between the signal lines, indicating pressure from buyers of “Black Gold” and potential continued price growth from current levels. At this point, we expect an attempt at a bearish correction and a test of the support level near $85.05 per barrel. Subsequently, we expect an upward rebound and continued growth above $113.75.
Brent crude oil Forecast for March 11, 2026
An additional signal favoring an increase in Brent crude oil prices and quotes will be a rebound from the support line on the relative strength indicator (RSI). The second signal will be a rebound from the lower boundary of the bullish channel. A decline and a breakout of $78.05 per barrel will cancel the upward trend in oil prices. This will indicate a breakout of the support area and a continued decline in BRENT quotes below $65.05. A breakout of the resistance area and a close above $96.55 will confirm the upward trend in oil quotes and prices, signaling a breakout of the upper boundary of the Double Bottom reversal pattern and the beginning of the pattern’s implementation with targets above.
Brent crude oil Forecast for March 11, 2026 suggests an attempt to test the support level near $85.05. Further growth is expected with a target above $113.75. A test of the trend line on the relative strength indicator (RSI) will support the asset’s upside. A decline and a breakout of $78.05 will cancel the upward trend in Brent oil prices. This will indicate a continued decline in quotes below $65.05.
