Brent continue to move as part of growth and a bullish channel. At the time of the publication of the forecast, the price of Brent oil is $89.36 per barrel. Moving averages indicate the presence of a short-term bullish trend in oil. Prices have broken through the area between the signal lines up, which indicates pressure from buyers of Black Gold and a potential continued growth in the value of the asset already from current levels. At the moment, we should expect an attempt to develop a correction and test the support level near the area of 87.65 dollars per barrel. Further, the continuation of the rise in the rate of oil in the area above the level of 93.25.
Brent Crude Oil Forecast and analysis February 1, 2022
An additional signal in favor of the rise in quotes and Brent oil prices will be a test of the 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 85.65 dollars per barrel. This will indicate a breakdown of the resistance area and a continued decline in BRENT quotes to the area below the level of 77.45. The rise in quotes will be confirmed by a breakdown of the resistance area and the closing of prices for Brent above the level of 91.65, which will indicate a breakdown of the upper border of the bullish channel.
Brent Crude Oil Forecast and analysis February 1, 2022 suggests an attempt to test the support level near the area of 87.65. Further, the continuation of the growth of oil with a target above the level of 93.25. In favor of the rise of the asset, a test of the trend line on the relative strength index (RSI) will come out. Cancellation of the option of growth in the price of Brent oil will be a fall and a breakdown of the level of 85.65. This will indicate a continued decline in quotes to the area below the level of 77.45.
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