Brent continue to move in the framework of the rise and the downtrend channel. An inverted Head and Shoulders pattern is also formed here. At the time of the publication of the forecast, the price of Brent crude oil is $ 83.65 per barrel. Moving averages indicate a short-term bearish trend for oil. Prices have broken the area between the signal lines up, 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 correction and a test of the support level near the area of $ 81.55 per barrel. Further, the continued growth of the oil rate to the area above the level of 88.75.
Brent Crude Oil Forecast and analysis November 10, 2021
An additional signal in favor of raising quotes 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 Head and Shoulders reversal pattern. Cancellation of the option of rising oil prices will be a fall and a breakdown of the level of $ 78.65 per barrel. This will indicate a breakdown of the support area and a continued decline in BRENT quotes to the area below the level of 74.65. Confirmation of the rise in quotes will be the breakdown of the resistance level and the closing of Brent prices above the level of 86.05, which will indicate a breakdown of the upper border of the downward correction channel.
Brent Crude Oil Forecast and analysis November 10, 2021 imply an attempt to test the support level near the 81.55 area. Further, the continued growth of oil with a target above the level of 88.75. A test of the trend line on the relative strength index (RSI) will be in favor of raising the asset. Cancellation of the growth option for the Brent oil price will be a fall and a breakdown of the level of 78.65. This will indicate a continued decline in quotations to the area below the level of 74.65.
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