Brent Crude Oil Forecast and analysis October 29, 2021

Brent continue to move within the fall and left the bullish channel. At the time of the publication of the forecast, the price of Brent crude oil is $ 82.63 per barrel. Moving averages indicate a short-term bullish trend for oil. Prices are again pushing 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 growth and test the resistance level near the area of ​​$ 83.75 per barrel. Further, the continuation of the fall in the oil rate to the area below the level of 76.35.

Brent Crude Oil Forecast and analysis October 29, 2021

An additional signal in favor of reducing quotes and prices for Brent oil will be a test of the broken trend line on the relative strength index (RSI). The second signal will be a rebound from the lower border of the bullish channel. Cancellation of the option of falling oil prices will be a strong growth and a breakdown of the level of 87.05 dollars per barrel. This will indicate a breakdown of the resistance area and a continued rise in BRENT quotes to the area above the level of 89.85. Confirmation of the fall in quotations will be the breakdown of the support level and the closing of Brent prices below 79.05, which will indicate a breakdown of the lower border of the bullish channel.

Brent Crude Oil Forecast and analysis October 29, 2021 imply an attempt to test the resistance level near the 83.75 area. Further, the continuation of the fall in oil with a target below the level of 76.35. A test of the trend line on the relative strength index (RSI) will be in favor of the fall of the asset. Cancellation of the option to reduce the price of Brent oil will be a strong growth and a breakdown of the level of 87.05. This will indicate a continued rise in quotations to the area above the level of 89.85.

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