Brent continue to move within the fall and the downtrend channel. At the time of the publication of the forecast, the price of Brent crude oil is $ 78.03 per barrel. Moving averages indicate a short-term bearish trend for oil. Prices went down from the area between the signal lines, which indicates pressure from sellers of “Black Gold” and a potential continuation of the fall in the value of the asset already from the current levels. At the moment, we should expect an attempt to develop a bullish correction and a test of the resistance level near the area of $ 79.85 per barrel. Further, the continuation of the fall in the oil rate to the area below the level of 73.85.
Brent Crude Oil Forecast and analysis November 23, 2021
An additional signal in favor of a fall in quotations and prices for Brent oil will be a test of the downward trend line on the relative strength index (RSI). The second signal will be a rebound from the upper border of the descending channel. Cancellation of the option of falling oil prices will be a strong growth and a breakdown of the level of $ 81.95 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 85.65. Confirmation of the fall in quotations will be the breakdown of the support level and the closing of Brent prices below 76.45.
Brent Crude Oil Forecast and analysis November 23, 2021 imply an attempt to test the resistance level near the 79.85 area. Further, the continuation of the fall in oil with a target below the level of 73.85. A test of the trend line on the relative strength index (RSI) will be in favor of reducing the asset. Cancellation of the option to drop the price of Brent oil will be a strong growth and a breakdown of the level of 81.95. This will indicate a continued rise in quotations to the area above the level of 85.65.
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