Brent continue to move within the fall and the bullish channel of the channel. This price structure is a bullish ”5-0” pattern. At the time of the publication of the forecast, the price of Brent crude oil is $ 78.98 per barrel. Moving averages indicate a short-term bullish 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 correction and a test of the support level near the area of $ 78.25 per barrel. Further, the continued growth of the oil rate to the area above the level of 88.35.
Brent Crude Oil Forecast and analysis November 24, 2021
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 rising oil prices will be a fall and a breakdown of the level of $ 74.25 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 70.05. Confirmation of the growth of quotations will be the breakdown of the resistance level and the closing of Brent prices above the level of 82.45, which will indicate a breakdown of the upper border of the downward correction channel.
Brent Crude Oil Forecast and analysis November 24, 2021 imply an attempt to test the support level near the 78.25 area. Further, the continued growth of oil with a target above the level of 88.35. 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 74.25. This will indicate a continued fall in quotations to the area below the level of 70.05.
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