Brent continue to move as part of the growth and the beginning of the development of the “Triangle” model. At the time of the publication of the forecast, the price of Brent crude oil is $ 66.25 per barrel. Moving averages indicate a short-term bullish trend for oil. Prices have broken through the areas between the signal lines upward, which indicates pressure from buyers of “Black Gold” and a potential continuation of the growth of the asset value already from the current levels. At the moment, we should expect an attempt to develop a downward correction and a test of the support level near the area of $ 65.05 per barrel. Further, the continued growth of the oil rate to the area above the level of 70.75.
Brent Crude Oil Forecast and analysis April 16, 2021
An additional signal in favor of the growth of quotations 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 upper border of the “Triangle” pattern. Cancellation of the option of rising oil prices will be a fall and a breakdown of the level of 60.35 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 55.85. Confirmation of the growth of quotations will be the breakdown of the resistance level and the closing of Brent prices above the level of 68.65.
Brent Crude Oil Forecast and analysis April 16, 2021 suggests an attempt to below the support level near the 65.05 area. Further, continued growth with a target above the level of 70.75. A test of the trend line on the relative strength index (RSI) will be in favor of the rise. Cancellation of the growth option for the Brent oil price will be a fall and a breakdown of the level of 60.35. This will indicate a continued fall in quotations to the area below the level of 55.85.
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