Brent continue to move within the correction and the bullish channel. At the time of the publication of the forecast, the price of Brent oil is $100.21 per barrel. Moving averages indicate the presence of a short-term bullish trend in oil. Prices are again testing 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 99.05 dollars per barrel. Further, the continuation of the growth of the oil rate to the area above the level of 119.05.
Brent Crude Oil Forecast and analysis March 17, 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 border of the bullish channel. Cancellation of the option of rising oil prices will be a fall and a breakdown of the level of 92.05 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 83.05. Confirmation of the growth of quotations will be a breakdown of the resistance area and the closing of prices for Brent above the level of 105.05, which will indicate a breakdown of the upper limit of the downward correction channel.
Brent Crude Oil Forecast and analysis March 17, 2022 suggests an attempt to test the support level near the 99.05 area. Further, the continuation of the growth of oil with a target above the level of 119.05. 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 92.05. This will indicate a continued fall in quotes to the area below the level of 83.05.
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