Brent continue to move within the correction and the downward 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 $ 82.97 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 decline and a test of the support level near the area of $ 81.05 per barrel. Further, the continued growth of the oil rate to the area above the level of 86.75.
Brent Crude Oil Forecast and analysis November 5, 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 descending channel. Cancellation of the option of rising oil prices will be a fall and a breakdown of the level of $ 79.05 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 75.55. Confirmation of the rise in quotes will be the breakdown of the resistance level and the closing of Brent prices above the level of 86.55, which will indicate a breakdown of the upper border of the descending channel.
Brent Crude Oil Forecast and analysis November 5, 2021 imply an attempt to test the support level near the 81.05 area. Further, the continued growth of oil with a target above the level of 86.75. 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 79.05. This will indicate a continued decline in quotations to the area below the level of 75.55.
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