Brent continue to move within the correction and the upward channel. At the time of the publication of the forecast, the price of Brent crude oil is $ 68.59 per barrel. Moving averages indicate a short-term bullish trend for oil. Prices are bouncing up from the area between the signal lines, 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 bearish correction and a test of the support level near the area of $ 65.75 per barrel. Further, the continued growth of the oil rate to the area above the level of 73.45.
Brent Crude Oil Forecast and analysis May 11, 2021
An additional signal in favor of the growth of quotations and prices for Brent oil will be a test of the support 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 $ 64.05 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 60.35. A confirmation of the rise in quotes will be a breakdown of the resistance level and closing of Brent prices above the level of 71.25.
Brent Crude Oil Forecast and analysis May 11, 2021 imply an attempt to test the support level near the 65.75 area. Further, the continuation of the rise with the target above the level of 73.45. A test of the trend line on the relative strength index (RSI) will be in favor of growth. Cancellation of the option to raise the price of Brent oil will be a fall and a breakdown of the level of 64.05. This will indicate a continued fall in quotations to the area below the level of 60.35.
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