Brent continue to move as part of the correction and the formation of the bullish Wolfe Wave pattern. At the time of the publication of the forecast, the price of Brent crude oil is $ 62.85 per barrel. Moving averages indicate a short-term bearish trend for oil. Prices continue to push away from the area between the signal lines, which indicates pressure from sellers of “Black Gold” and a potential continuation of the fall in the value of the asset 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 $ 59.05 per barrel. Further, the continued growth of the oil rate to the area above the level of 66.75.
Brent Crude Oil Forecast and analysis April 9, 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 lower boundary of the bullish Wolfe Wave pattern. Cancellation of the option of rising oil prices will be a fall and a breakdown of the level of $ 54.65 per barrel. This will indicate a breakdown of the support area and a continued fall in BRENT quotes to an area below the level of 53.45. Confirmation of the growth of quotations will be the breakdown of the resistance level and the closing of Brent prices above the level of 64.45.
Brent Crude Oil Forecast and analysis April 9, 2021 suggests an attempt to below the support level near the 59.05 area. Further, continued growth with a target above the level of 66.75. 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 Brent oil will be a fall and a breakdown of the level of 54.65. This will indicate a continued fall in quotations to the area below the level of 53.45.
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