Brent continue to move within the correction and the bullish channel. At the time of the publication of the forecast, the price of Brent crude oil is $ 78.83 per barrel. Moving averages indicate a short-term bullish trend for oil. Prices went up from 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 a decline and a test of the support level near the area of $ 76.55 per barrel. Further, the continuation of the rise in the oil rate to the area above the level of 84.35.
Brent Crude Oil Forecast and analysis October 5, 2021
An additional signal in favor of a rise in 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 lower border of the bullish channel. Cancellation of the option of rising oil prices will be a fall and a breakdown of the level of $ 73.45 per barrel. This will indicate a breakdown of the support area and a continued fall in BRENT quotes to an area below the level of 70.05. Confirmation of the rise in quotes will be the breakdown of the resistance level and the closing of Brent prices above the level of 81.45, which will indicate a breakdown of the upper border of the “Triangle” model.
Brent Crude Oil Forecast and analysis October 5, 2021 imply an attempt to test the support level near the 76.55 area. Further, continued growth with a target above the level of 84.35. A test of the trend line on the relative strength index (RSI) will be in favor of the rise. Cancellation of the growth option for Brent oil will be a fall and a breakdown of the level of 73.45. This will indicate a continued decline in quotations to the area below the level of 70.05.
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