Brent continue to move as part of the correction and the formation of an inverted head and shoulders pattern. At the time of the publication of the forecast, the price of Brent crude oil is $ 70.25 per barrel. Moving averages indicate a short-term bearish trend for oil. Prices have broken the area between the signal lines up, which indicates pressure from buyers of “Black Gold” and a potential continuation of the growth of the asset value 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 $ 67.50 per barrel. Further, the continuation of the rise in the oil rate to the area above the level of 76.55.
Brent Crude Oil Forecast and analysis August 30, 2021
An additional signal in favor of raising quotes 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 lower border of the descending channel, which was broken up by buyers. Cancellation of the option of rising oil prices will be a fall and a breakdown of the level of $ 63.65 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 60.05. Confirmation of the rise in quotes will be the breakdown of the resistance level and the closing of Brent prices above the level of 72.55, which will indicate the development of the “Head and Shoulders” model.
Brent Crude Oil Forecast and analysis August 30, 2021 imply an attempt to test the support level near the 67.50 area. Further, continued growth with a target above the level of 76.55. 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 63.65. This will indicate a continued decline in quotations to the area below the level of 60.05.
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