Brent Crude Oil Forecast December 28, 2022

Brent continue to move as part of growth and have left the limits of the descending channel. At the time of publication of the forecast, the price of Brent crude oil is $84.43 per barrel. Moving averages indicate a short-term bearish trend in oil. Prices are again testing 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 80.65 dollars per barrel. Further, a rebound upwards and continued growth of the oil rate to the area above the level of 93.75.

Brent Crude Oil Forecast December 28, 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 the rebound 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 75.45 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 66.50. 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 87.45, which will indicate a breakdown of the upper limit of the downward channel.

Brent Crude Oil Forecast December 28, 2022 suggests an attempt to test the support level near the area of 80.65. Further, the continuation of the growth of oil with a target above the level of 93.75. 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 75.45. This will indicate a continued decline in quotes to the area below the level of 66.50.

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