Brent continue to move in the framework of growth and descending channel. At the time of publication of the forecast, the price of Brent oil is $ 84.79 per barrel. Sliding average indicate the presence of short -term bearish oil trend. Prices broke the area between the signal lines up, which indicates the pressure from the buyers of “Black Gold” and the potential continuation of the increase in the value of the asset from current levels. At the moment, it is worth expecting an attempt to develop correction and a test level of support near the area of 80.45 dollars per barrel. Further, the rebound up and the continuation of the growth of the oil course in the area above level 96.75.
Brent Crude Oil Forecast for April 7, 2023
An additional signal in favor of lifting the quotes and oil prices Brent will be the test of support line on the relative force (RSI) indicator. The second signal will be the hang of the upper boundary of the descending channel, which was punched by customers up. The cancellation of the option of increasing oil prices will be a fall and a breakdown of the level of 76.05 dollars per barrel. This will indicate a breakdown of the support area and the continuation of the fall of Brent quotes to the area below the level of 72.75. Confirmation of the growth of quotations will be the breakdown of the resistance area and the closure of prices for Brent above the level of 89.65, which will indicate the breakdown of the upper boundary of the descending channel of correction.
Brent Crude Oil Forecast for April 7, 2023 involves an attempt to test the level of support near the area 80.45. Further, the continuation of oil growth with a goal above level 96.75. In favor of the rise of the asset, the test line of the trend on the indicator of relative power will perform. The cancellation of the increase in oil price Brent will be a fall and a breakdown of the level 76.05. This will indicate a continuation of a decrease in quotations to the area below the level of 72.75.
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