Brent continue to move as part of the growth and the beginning of the development of the reversal pattern “Wedge”. At the time of the publication of the forecast, the price of Brent oil is $88.70 per barrel. Moving averages indicate a short-term bearish trend in oil. Prices are re-tresting the area between the signal lines, which indicates pressure from the sellers of Black Gold and a potential continuation of the decline 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 87.05 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 4, 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 “Wedge” reversal pattern. Cancellation of the option of rising oil prices will be a fall and a breakdown of the level of 73.05 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 65.05. Confirmation of the growth of quotations will be the breakdown of the resistance area and the closing of prices for Brent above the level of 98.55, which will indicate the breakdown of the upper border of the next downward channel.
Brent Crude Oil Forecast and analysis October 4, 2022 suggests an attempt to test the support level near the area of 87.05. 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 to increase the price of Brent oil will be a strong growth and a breakdown of the level of 73.05. This will indicate a continued fall in quotes to the area below the level of 65.05.
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