Brent continue to move as part of the correction and the formation of the ”Triangle” pattern. At the time of the publication of the forecast, the price of Brent crude oil is $ 69.52 per barrel. Moving averages indicate a short-term bearish trend for oil. Prices went down from the area between the signal lines, which indicates pressure from the sellers of “Black Gold” and the 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 decline and a test of the support level near the area of $ 68.05 per barrel. Further, the continuation of the rise in the oil rate to the area above the level of 75.45.
Brent Crude Oil Forecast and analysis August 17, 2021
An additional signal in favor of the growth of quotations and prices for Brent oil will be a test of the support line on the relative strength index (RSI). The second signal will be a rebound from the line of the lower border of the ”Triangle” model. Cancellation of the option of raising oil prices will be a fall and a breakdown of the level of $ 65.55 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 62.05. Confirmation of the rise in quotes will be the breakdown of the resistance level and the closing of Brent prices above the level of 72.75, which will indicate a breakdown of the upper border of the descending channel.
Brent Crude Oil Forecast and analysis August 17, 2021 imply an attempt to test the support level near the 68.05 area. Further, continued growth with a target above the level of 75.45. 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 65.55. This will indicate a continued decline in quotations to the area below the level of 62.05.
Looking for the Best Forex Broker? We trade at RoboForex. You can receive a rebates from each trade when registering using our partner link