Brent continue to move as part of the next wave of fall and the downward channel. At the time of the publication of the forecast, the price of Brent crude oil is $91.87 per barrel. The potential for the formation of a double bottom reversal pattern remains. 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 decline 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 89.05 dollars per barrel. Further, a rebound upwards and continued growth of the oil rate to the area above the level of 101.55.
Brent Crude Oil Forecast and analysis September 21, 2022
An additional signal in favor of the rise in quotes and Brent oil prices 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 double bottom reversal pattern. Cancellation of the option of rising oil prices will be a fall and a breakdown of the level of 82.45 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 73.65. Confirmation of the growth of quotations will be a breakdown of the resistance area and the closing of prices for Brent above the level of 99.05, which will indicate a breakdown of the upper border of the “Double Bottom” reversal pattern and the beginning of the pattern with targets at the top.
Brent Crude Oil Forecast and analysis September 21, 2022 suggests an attempt to test the support level near the area of 89.05. Further, the continuation of the growth of oil with a target above the level of 101.55. 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 fall and a breakdown of the level of 82.45. This will indicate a continued decline in quotes to the area below the level of 73.65.
Looking for the Best Forex Broker? We trade at RoboForex. You can receive a rebates from each trade when registering using our partner link
