Brent continue to move within the correction and the downward channel. At the time of publication of the forecast, the price of Brent crude oil is $107.94 per barrel. Moving averages indicate a short-term bearish trend in oil. Prices are again testing the area between the signal lines, which indicates pressure from buyers 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 correction and test the support level near the area of 105.25 dollars per barrel. Further, the continuation of the growth of the oil rate in the area above the level of 120.55.
Brent Crude Oil Forecast and analysis April 6, 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 border of the bullish channel, as well as from the border of the Triangle pattern. Cancellation of the option of rising oil prices will be a fall and a breakdown of the level of 96.55 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. Confirmation of the growth of quotations will be a breakdown of the resistance area and the closing of prices for Brent above the level of 112.55, which will indicate a breakdown of the upper border of the downward channel.
Brent Crude Oil Forecast and analysis April 6, 2022 suggests an attempt to test the support level near the area of 105.25. Further, the continuation of the growth of oil with the target above the level of 120.55 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 96.55. This will indicate a continued fall in quotes to the area below the level of 85.05.
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