Brent continue to move as part of the growth and the formation of the “Triangle” model. Prices are testing the upper boundary of the “Triangle” model. At the time of the publication of the forecast, the price of Brent oil is $112.93 per barrel. Moving averages indicate the presence of a short-term bullish trend in oil. Prices have broken through the area between the signal lines up, which indicates pressure from buyers of Black Gold and a potential continued 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 105.65 dollars per barrel. Further, the continuation of the growth of the oil rate in the area above the level of 137.85.
Brent Crude Oil Forecast and analysis May 17, 2022
An additional signal in favor of the growth of quotations and prices for Brent oil 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 raising oil prices will be a fall and a breakdown of the level of 99.05 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 90.05. Confirmation of the rise in quotes will be a breakdown of the resistance area and the closing of prices for Brent above the level of 117.55, which will indicate a breakdown of the upper border of the “Triangle” model and the beginning of the model’s development.
Brent Crude Oil Forecast and analysis May 17, 2022 suggests an attempt to test the support level near the area of 105.65. Further, the continuation of the growth of oil with a target above the level of 137.85. 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 99.05. This will indicate a continued fall in quotes to the area below the level of 90.05.
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