Brent continue to move in the framework of growth and the rising channel. At the time of publication of the forecast, the price of Brent oil is $ 67.87 per barrel. Moving averages indicate the presence of short-term bullish trend on oil. Prices are repelled from the area between the signal lines, which indicates pressure from the buyers of “black gold” and the potential continuation of the increase in the cost of the asset is already with current levels. At the moment, it is worth an attempt to develop bearish correction and a support level of support near area 66.15 dollars per barrel. Next, the continuation of the increase in oil rate to the region above level 73.65.
Brent Crude Oil Forecast and analysis May 14, 2021
An additional signal in favor of the growth of quotes and oil prices for Brent will perform a support line for the relative force indicator (RSI). The second signal will be a rebound from the lower border of the bull-channel. The cancellation of the rise in oil prices will be a drop and breakdown of 63.75 dollars per barrel. This will indicate the support area and continue the fall in the Brent quotes to the area below level 61.55. Confirmation of the lifting of quotations will perform a breakdown of resistance levels and closing the price of Brent above level 71.05.
Brent Crude Oil Forecast and analysis May 14, 202 implies an attempt to test the level of support near the region 66.15. Further, the continuation of the rise with the target level 73.65. In favor of the growth, the trend line test on the relative force indicator will perform. The cancellation of the Brent oil price increase will be a drop and breakdown of level 63.75. This will indicate the continuation of the fall in the quotations to the area below level 61.55.
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