Brent continue to move within the correction and the bearish channel. At the time of publication of the forecast, the price of Brent oil is $110.71 per barrel. Moving averages indicate the presence of a short-term downward trend in oil. Prices have gone down from the area between the signal lines, which indicates pressure from buyers of “Black Gold” and a potential continuation of the fall in the value of the asset already from current levels. At the moment, we should expect an attempt to develop a rise and test the resistance level near the area of 107.05 dollars per barrel. Further, the continuation of the fall of the oil rate to the area below the level of 85.55.
Brent Crude Oil Forecast and analysis March 16, 2022
An additional signal in favor of falling 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 upper border of the descending channel. Cancellation of the option of lowering oil prices will be a strong growth and a breakdown of the level of 116.55 dollars per barrel. This will indicate a breakdown of the resistance area and a continued rise in BRENT quotes to the area above the level of 125.05. The fall in quotes will be confirmed by a breakdown of the support area and closing of prices for Brent below the level of 94.05, which will indicate a breakdown of the lower border of the downward channel.
Brent Crude Oil Forecast and analysis March 16, 2022 suggests an attempt to test the resistance level near the area of 107.05. Further, the continuation of the fall of oil with a target below the level of 85.55. In favor of the fall of the asset, a test of the trend line on the relative strength index (RSI) will come out. Cancellation of the option to reduce the price of Brent oil will be a strong growth and a breakdown of the level of 116.55. This will indicate a continued rise in quotes to the area above the level of 125.05.
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