Brent continue to move within the framework of a strong downward correction and have left the limits of the downward channel. At the time of the publication of the forecast, the price of Brent crude oil is $92.49 per barrel. Moving averages indicate the presence of a short-term bullish trend in oil. Prices have broken through the area between the signal lines up, which indicates pressure from buyers of Black Gold and a potential continuation of the growth in the value of the asset already from current levels. At the moment, we should expect an attempt to develop a downward correction and a test of the support level near the area of 90.65 dollars per barrel. Further, a rebound upwards and continued growth of the oil rate to the area above the level of 113.05.
Brent Crude Oil Forecast and analysis October 18, 2022
An additional signal in favor of the growth of quotations and prices for Brent oil will be a test of the support 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 82.05 dollars 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 74.05. The growth of quotes will be confirmed by the breakdown of the resistance area and the closing of Brent prices above the level of 97.05, which will indicate the breakdown of the upper border of the next downward channel.
Brent Crude Oil Forecast and analysis October 18, 2022 suggests an attempt to test the support level near the area of 90.65. Further, the continuation of the growth of oil with a target above the level of 113.05. In favor of the rise of the asset, a test of the trend line on the relative strength index (RSI) will come out. Cancellation of the option of growth in the price of Brent oil will be a strong growth and a breakdown of the level of 82.05. This will indicate a continued fall in quotes to the area below the level of 74.05.
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