Brent continue to move within the correction and the downward channel. At the time of the publication of the forecast, the price of Brent oil is $90.52 per barrel. Moving averages indicate a short-term bearish trend in oil. Prices have broken through the area between the signal lines down, which indicates pressure from the sellers of “Black Gold” and a potential continuation of the fall in the value of the asset already from 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 86.05 dollars per barrel. Further, a rebound upwards and the continuation of the growth of the oil rate to the area above the level of 104.65.
Brent Crude Oil Forecast and analysis October 25, 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 83.05 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 73.05. Confirmation of the growth of quotations will be a breakdown of the resistance area and the closing of Brent prices above the level of 97.65, which will indicate a breakdown of the upper limit of the downward channel.
Brent Crude Oil Forecast and analysis October 25, 2022 suggests an attempt to test the support level near the area of 86.05. Further, the continuation of the growth of oil with a target above the level of 104.65. 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 to increase the price of Brent oil will be a strong growth and a breakdown of the level of 83.05. This will indicate a continued fall in quotes to the area below the level of 73.05.
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