Brent continue to move within the growth and bullish channel. At the time of the publication of the forecast, the price of Brent crude oil is $ 82.11 per barrel. Moving averages indicate a short-term bullish 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 $78.75 per barrel. Further, the continuation of the rise in the oil rate to the area above the level of 93.10, however, the breakdown of the bullish channel downward will provoke the continuation of the fall in oil as part of the beginning of the development of the large “Head and Shoulders” reversal pattern on the daily chart.
Brent Crude Oil Forecast and analysis January 12, 2022
An additional signal in favor of raising the 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 $73.10 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 67.55. Confirmation of the rise in quotes will be the breakdown of the upper border of the bullish channel and the closing of Brent prices above the level of 85.05, which will indicate a breakdown of the upper border of the bullish channel.
Brent Crude Oil Forecast and analysis January 12, 2022 imply an attempt to test the support level near the 78.75 area. Further, the continued growth of oil with a target above the level of 93.10. 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 73.10. This will indicate a continued decline in quotations to the area below the level of 67.55.
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