Brent continue to move as part of the growth and the beginning of the development of the ”Wedge” model. At the time of the publication of the forecast, the price of Brent crude oil is $ 72.98 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 correction and a test of the support level near the area of $ 73.85 per barrel. Further, the continuation of the rise in the oil rate to the area above the level of 82.05.
Brent Crude Oil Forecast and analysis December 17, 2021
An additional signal in favor of raising quotations and prices for Brent oil will be a test of the broken trend line on the relative strength index (RSI). The second signal will be a rebound from the lower border of the bullish channel. Cancellation of the option of rising oil prices will be a fall and a breakdown of the level of 69.85 dollars 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 66.05. A confirmation of the rise in quotes will be a breakdown of the resistance level and closing of Brent prices above the level of 75.95.
Brent Crude Oil Forecast and analysis December 17, 2021 imply an attempt to test the support level near the 73.85 area. Further, the continued growth of oil with a target above the level of 82.05. A test of the trend line on the relative strength index (RSI) will be in favor of raising the asset. Cancellation of the growth option for Brent oil will be a fall and a breakdown of the level of 69.85. This will indicate a continued decline in quotations to the area below the level of 66.05.
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