Brent continue to move in the framework of the rise and the bullish channel. At the time of the publication of the forecast, the price of Brent crude oil is $ 84.52 per barrel. Moving averages indicate a short-term bullish trend for oil. Prices went 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 correction and a test of the support level near the area of $ 80.35 per barrel. Further, the continued growth of the oil rate to the area above the level of 92.55.
Brent Crude Oil Forecast and analysis November 2, 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 bullish channel. Cancellation of the option of rising oil prices will be a fall and a breakdown of the level of $ 78.45 per barrel. This will indicate a breakdown of the support area and a continued decline in BRENT quotes to an area below the level of 75.05. Confirmation of the rise in quotes will be the breakdown of the resistance level and the closing of Brent prices above the level of 87.45.
Brent Crude Oil Forecast and analysis November 2, 2021 imply an attempt to test the support level near the 80.35 area. Further, the continued growth of oil with a target above the level of 92.55. 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 Brent oil will be a fall and a breakdown of the level of 78.45. This will indicate a continued decline in quotations to the area below the level of 75.05.
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