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 $94.24 per barrel. Moving averages indicate the presence of a short-term bullish trend in oil. Prices have gone up from 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 a test of the support level near the area of 90.85 dollars per barrel. Further, the continuation of the rise in the rate of oil in the area above the level of 102.75.
Brent Crude Oil Forecast and analysis February 24, 2022
An additional signal in favor of the rise in quotes and prices for Brent oil 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 86.25 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 82.55. 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 99.05, which will indicate the breakdown of important resistance.
Brent Crude Oil Forecast and analysis February 24, 2022 suggests an attempt to test the support level near the area of 90.85. Further, the continuation of the growth of oil with a target above the level of 102.75. 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 86.25. This will indicate a continued decline in quotes to the area below the level of 82.55.
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