Brent Crude Oil Forecast February 1, 2023

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 $85.50 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 buyers of Black Gold and a potential continuation of the growth in the value of the asset already from current levels. At the moment, we should expect an attempt to develop a bearish correction and a test of the support level near the $80.85 area. Further, a rebound upwards and the continuation of the growth of the oil rate to the area above the level of 97.65.

Brent Crude Oil Forecast February 1, 2023

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 lower border of the bullish channel. Cancellation of the option of raising oil prices will be a fall and a breakdown of the level of 78.05 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 70.55. 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 92.05, which will indicate the breakdown of the upper limit of the bullish channel.

Brent Crude Oil Forecast February 1, 2023 suggests an attempt to test the support level near the area of 80.85. Further, the continuation of the growth of oil with a target above the level of 97.65. 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 78.05. This will indicate a continued fall in quotes to the area below the level of 70.55.

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