Brent continue to move within the correction and the bullish channel. At the time of the publication of the forecast, the price of Brent crude oil is $ 74.08 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 $ 71.55 per barrel. Further, the continuation of the rise in the oil rate to the area above the level of 80.65.
Brent Crude Oil Forecast and analysis December 23, 2021
An additional signal in favor of raising quotes and prices for Brent oil will be a test of the bullish trend line on the relative strength index (RSI). The second signal will be a rebound from the lower border of the Head and Shoulders reversal pattern. Cancellation of the option of falling oil prices will be a strong growth and a breakdown of the level of $ 68.05 per barrel. This will indicate a breakdown of the support area and a continued fall in BRENT quotes to an area below the level of 65.55. The confirmation of the rise in quotes will be the breakdown of the resistance level and the closing of Brent prices above the level of 76.45, which will indicate the completion of the formation of the “Head and Shoulders” reversal pattern.
Brent Crude Oil Forecast and analysis December 23, 2021 imply an attempt to test the support level near the 71.55 area. Further, the continued growth of oil with a target above the level of 80.65. 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 the Brent oil price will be a fall and a breakdown of the level of 68.05. This will indicate a continued decline in quotations to the area below the level of 65.55.
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