Brent continue to move as part of the fall and the formation of the “Triangle” model. At the time of the publication of the forecast, the price of Brent crude oil is $99.33 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 rise and a test of the resistance level near the area of 102.05 dollars per barrel. Further, the continuation of the fall of the oil rate to the area below the level of 85.05.
Brent Crude Oil Forecast and analysis April 27, 2022
An additional signal in favor of falling quotes and Brent oil prices will be a test of the trend line on the relative strength index (RSI). The second signal will be a rebound from the lower border of the bullish channel, which was broken down. Cancellation of the option of falling oil prices will be a strong growth and a breakdown of the level of 117.55 dollars per barrel. This will indicate a breakdown of the resistance area and a continued rise in BRENT quotes to the area above the level of 125.55. The fall in quotes will be confirmed by a breakdown of the support area and closing of prices for Brent below the level of 93.05, which will indicate a breakdown of the lower border of the “Triangle” model and the beginning of the pattern with the target below.
Brent Crude Oil Forecast and analysis April 27, 2022 suggests an attempt to test the resistance level near the area of 102.05. Further, the continuation of the fall of oil with a target below the level of 85.05. A test of the trend line on the relative strength index (RSI) will come out in favor of the asset’s decline. Cancellation of the option of falling Brent oil prices will be a strong growth and a breakdown of the level of 117.55. This will indicate a continued rise in quotes to the area above the level of 125.55.
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