Brent continue to move within the correction and have left the bullish channel. At the time of the publication of the forecast, the price of Brent crude oil is $105.32 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 fall and test the support level near the area of 107.55 dollars per barrel. Further, the continuation of the fall of the oil rate to the area below the level of 95.35.
Brent Crude Oil Forecast and analysis May 12, 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 lower border of the broken channel. Cancellation of the option of falling oil prices will be a strong growth and a breakdown of the level of 112.05 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 120.05. The fall in quotes will be confirmed by a breakdown of the support area and closing of Brent prices below 99.55, which will indicate a breakdown of the lower border of the bullish channel.
Brent Crude Oil Forecast and analysis May 12, 2022 suggests an attempt to test the resistance level near the area of 107.55. Further, the continuation of the fall of oil with a target below the level of 95.35. 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 of falling Brent oil prices will be a strong growth and a breakdown of the level of 112.05 This will indicate a continued rise in quotations to the area above the level of 120.05.
Looking for the Best Forex Broker? We trade at RoboForex. You can receive a rebates from each trade when registering using our partner link
