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 $80.40 per barrel. Moving averages indicate a short-term bearish trend in oil. Prices have broken through the area between the signal lines, 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 decline and test the support level near the area of 76.95 dollars per barrel. Further, a rebound upwards and continued growth of the oil rate to the area above the level of 89.75.
Brent Crude Oil Forecast December 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 breakdown of the upper border of the descending channel. Cancellation of the option of raising oil prices will be a fall and a breakdown of the level of 71.35 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 64.55. The growth of quotes will be confirmed by the breakdown of the resistance area and the closing of prices for Brent above the level of 86.05, which will indicate the breakdown of the upper border of the downward channel.
Brent Crude Oil Forecast December 21, 2022 suggests an attempt to test the support level near the area of 76.95. Further, the continuation of the growth of oil with a target above the level of 89.75. A test of the trend line on the relative strength index (RSI) will come out in favor of the asset’s decline. Cancellation of the option to raise the price of Brent oil will be a fall and a breakdown of the level of 71.35. This will indicate a continued decline in quotes to the area below the level of 64.55.
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