Brent continue to move within the correction and the bullish channel. At the time of the publication of the forecast, the price of Brent oil is $90.51 per barrel. Moving averages indicate the presence of a short-term bullish trend in oil. Prices are again testing the area between the signal lines, which indicates pressure from buyers of Black Gold and a potential continuation of the 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 88.65 dollars per barrel. Further, the continuation of the rise in the rate of oil in the area above the level of 97.05.
Brent Crude Oil Forecast and analysis February 10, 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 87.05 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 83.05. The rise in quotes will be confirmed by the breakdown of the resistance area and the closing of prices for Brent above the level of 97.05, which will indicate a breakdown of the upper limit of the bullish channel.
Brent Crude Oil Forecast and analysis February 10, 2022 suggests an attempt to test the support level near the area of 88.65. Further, the continuation of the growth of oil with a target above the level of 97.05. 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 87.05. This will indicate a continued decline in quotes to the area below the level of 83.05.
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