Brent continue to move within the correction and left the descending channel. At the time of the publication of the forecast, the price of Brent crude oil is $ 80.87 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 $ 79.45 per barrel. Further, the continued growth of the oil rate to the area above the level of 85.55.
Brent Crude Oil Forecast and analysis November 25, 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 upper border of the descending channel. Cancellation of the option of rising oil prices will be a fall and a breakdown of the level of $ 76.15 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 72.55. Confirmation of the growth of quotations will be the breakdown of the resistance level and the closing of Brent prices above 82.75.
Brent Crude Oil Forecast and analysis November 25, 2021 imply an attempt to test the support level near the 79.45 area. Further, the continued growth of oil with a target above the level of 85.55. 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 the Brent oil price will be a fall and a breakdown of the level of 76.15. This will indicate a continued fall in quotations to the area below the level of 72.55.
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