Brent continue to move within the lifting and the downstream channel. Here the overstate model ”Head and Shoulders” is formed. At the time of publication of the forecast, the price of Brent oil is $ 83.51 per barrel. Moving averages indicate the presence of short-term bearish tendencies on oil. Prices struck the area between the signal lines upwards, which indicates pressure from the buyers of “black gold” and the potential continuation of the increase in the cost of the asset is already from current levels. At the moment, it is worth an attempt to develop a correction and test of the support level near the region of $ 81.45 per barrel. Further, the continuation of the growth rate of oil into the region above level 88.55.
Brent Crude Oil Forecast and analysis November 9, 2021
An additional signal in favor of the lifting of quotes and prices for oil Brent will perform a trend lines test on the relative force indicator (RSI). The second signal will be a rebound from the lower boundary of the turning model ”Head and Shoulders”. The cancellation of the increase in oil prices will be a drop and breakdown of $ 78.65 per barrel. This will indicate the support area and continue to reduce Brent quotes to the area below level 74.55. Confirmation of the lifting of quotes will perform a breakdown of resistance levels and closing the price of Brent above level 86.05, which will indicate on the test of the upper limit of the downstream correction channel.
Brent Crude Oil Forecast and analysis November 9, 2021 implies an attempt to test the level of support near the region 81.45. Further, the continuation of oil growth with the target level 88.55. In favor of the asset lift, the trend line test on the relative force indicator will perform. Cancellation of the Growth Growth Growth Brent will fall and breaks up 78.65. This will indicate the continuation of the decline in quotations to the area below level 74.55.
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