Brent continue to move as part of the correction and the formation of the “Wedge” model. At the time of publication of the forecast, the price of Brent oil is $85.44 per barrel. Moving averages indicate a short-term bearish trend in oil. Prices have broken through the area between the signal lines down, 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 82.65 dollars per barrel. Further, the continuation of the rise in the rate of oil in the area above the level of 89.55.
Brent Crude Oil Forecast and analysis January 26, 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 boundary of the “Wedge” reversal pattern. Cancellation of the option of rising oil prices will be a fall and a breakdown of the level of 78.25 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 75.05. Confirmation of the rise in quotations will be a breakdown of the resistance area and the closing of prices for Brent above the level of 87.05, which will indicate a breakdown of the upper boundary of the “Wedge” model.
Brent Crude Oil Forecast and analysis January 26, 2022 suggests an attempt to test the support level near the area of 82.65. Further, the continuation of the growth of oil with a target above the level of 89.55. 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 78.25. This will indicate a continued decline in quotes to the area below the level of 75.05.
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