BRENT finish the trading week near the area of $ 65.99 per barrel. And it continues to move within the fall and left the ascending channel. Moving averages indicate a bullish trend. Prices are again testing the area between the signal lines, which indicates pressure from buyers of raw materials and a potential continuation of the rise. At the moment, we should expect an attempt to develop growth and test the resistance area near the level of 68.05. Then, the rebound and the continuation of the fall of oil to the area below the level of $ 40.75 per barrel.
BRENT crude oil Forecast and Analysis August 23 — 27, 2021
An additional signal in favor of a decline in oil quotes this week will be a test of the resistance line on the relative strength index (RSI). The second signal will be a rebound from the lower border of the ascending channel, which was broken down by the bears. Cancellation of the option to reduce quotations and oil prices BRENT in the trading week August 23 — 27, 2021 will be a strong growth and a breakdown of the level of 76.05. This will indicate a breakdown of the resistance area and continued growth of oil to the area above the level of 81.65. With the breakdown of the support area and closing of quotations below the level of 60.55, we should expect confirmation of a fall in the BRENT oil price.
BRENT crude oil Forecast and Analysis August 23 — 27, 2021 therefore suggests an attempt to test the resistance area near the 68.05 level. Where can we expect a rebound and an attempt to drop oil with a potential target at the level of 40.75. An additional signal in favor of a decline in oil prices will be a test of the trend line on the relative strength index (RSI). Cancellation of the fall option will be a strong price increase and a breakdown of the 76.05 area. This will indicate a breakdown of the resistance area and a continued rise in oil prices with a target above 81.65.
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