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 crude oil is $120.39 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 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 fall and test the support level near the area of 113.05 dollars per barrel. Further, the continuation of the growth of the oil rate in the area above the level of 135.45.
Brent Crude Oil Forecast and analysis June 7, 2022
An additional signal in favor of the growth of quotations 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 raising oil prices will be a fall and a breakdown of the level of 102.55 dollars per barrel. This will indicate a breakdown of the support area and a continued fall in BRENT quotes to the area below the level of 95.05. 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 126.65, which will indicate a breakdown of the upper limit of the bullish channel.
Brent Crude Oil Forecast and analysis June 7, 2022 suggests an attempt to test the support level near the area of 113.05. Further, the continuation of the growth of oil with a target above the level of 135.45. In favor of the growth of the asset, a test of the trend line on the relative strength index (RSI) will come out. Cancellation of the option to raise the price of Brent oil will be a fall and a breakdown of the level of 102.55. This will indicate a continued fall in quotes to the area below the level of 95.05.
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