BRENT finish the trading week near the area of $ 71.11 per barrel. And it continues to move within the framework of the correction and the formation of the “Wedge” reversal pattern. 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 a decline and test the support area near the level of 67.75. Then, the rebound and the continuation of the fall of oil to the area below the level of 92.35 dollars per barrel.
BRENT crude oil Forecast and Analysis August 30 — September 3, 2021
An additional signal in favor of a rise in oil quotes this week 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 ascending channel. Cancellation of the growth option for quotations and oil prices BRENT in the trading week August 30 — September 3, 2021 will be a fall and a breakdown of the level of 59.55. This will indicate a breakdown of the support area and a continued fall in oil to an area below the level of 52.55. With the breakdown of the resistance area and closing of quotations above the level of 75.55, we should expect confirmation of a rise in the BRENT oil price and the start of the “Wedge” model.
BRENT crude oil Forecast and Analysis August 30 — September 3, 2021 implies an attempt to test the support area near the level of 67.75. Where can we expect a rebound and an attempt to raise oil with a potential target at the level of 92.35. An additional signal in favor of rising oil prices will be a test of the trend line on the relative strength index (RSI). Cancellation of the rise option will be the price fall and the breakdown of the 59.55 area. This will indicate a breakdown of the support area and a continued decline in oil prices with a target below 59.55.
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