Brent continue to move as part of the correction and the formation of the “Triangle” model. At the time of publication of the forecast, the price of Brent oil is $104.27 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 fall and test the support level near the $100.10 per barrel area. Further, the continuation of the growth of the oil rate to the area above the level of 130.05.
Brent Crude Oil Forecast and analysis April 29, 2022
An additional signal in favor of the rise in 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 “Triangle” pattern. Cancellation of the option of raising oil prices will be a fall and a breakdown of the level of 93.05 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 85.05. The rise in quotes will be confirmed by the breakdown of the resistance area and the closing of Brent prices above the level of 116.05, which will indicate the breakdown of the upper border of the “Triangle” model and the beginning of the pattern.
Brent Crude Oil Forecast and analysis April 29, 2022 suggests an attempt to test the support level near the area of 100.10. Further, the continuation of the growth of oil with a target above the level of 130.05. In favor of the rise of the asset, a test of the trend line on the relative strength index (RSI) will come out. Cancellation of the option of growth in the price of Brent oil will be a fall and a breakdown of the level of 93.05. This will indicate a continued decline in quotes to the area below the level of 85.05.
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