Brent continue to move as part of the correction and the formation of the reversal pattern “Wedge”. At the time of the publication of the forecast, the price of Brent crude oil is $102.46 per barrel. Moving averages indicate the presence of a short-term bullish trend in oil. Prices have broken through the area between the signal lines down, which indicates pressure from the sellers of “Black Gold” and a potential continuation of the fall in the value of the asset already from current levels. At the moment, we should expect an attempt to develop a decline and test the support level near the area of 96.05 dollars per barrel. Further, the continuation of the growth of the oil rate in the area above the level of 121.45.
Brent Crude Oil Forecast and analysis April 13, 2022
An additional signal in favor of the rise in quotes and prices for Brent oil will be a test of the trend line on the relative strength index (RSI). The second signal will be a rebound from the lower boundary of the “Wedge” reversal pattern. Cancellation of the option of rising oil prices will be a fall and a breakdown of the level of 87.05 dollars per barrel. This will indicate a breakdown of the support area and a continued fall in BRENT quotes to the area below the level of 80.55. Confirmation of the growth of quotations will be the breakdown of the resistance area and the closing of prices for Brent above the level of 106.05, which will indicate the breakdown of the upper boundary of the “Wedge” model and the beginning of the model’s development.
Brent Crude Oil Forecast and analysis April 13, 2022 suggests an attempt to test the support level near the area of 96.05. Further, the continuation of the growth of oil with the target above the level of 121.45 In favor of the growth of the asset, a test of the trend line on the relative strength index (RSI) will come out. Cancellation of the option to raise the price of Brent oil will be a fall and a breakdown of the level of 87.05. This will indicate a continued fall in quotes to the area below the level of 80.55.
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