Brent continue to move as part of strong growth and the completion of the formation of the Double Bottom reversal pattern. At the time of the publication of the forecast, the price of Brent crude oil is $76.93 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 growth and test the resistance level near the area of 74.95 dollars per barrel. Further, a rebound upwards and continued growth of the oil rate to the area above the level of 83.75.
Brent Crude Oil Forecast for June 9, 2023
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 upper border of the descending channel, which was broken upwards by buyers. Cancellation of the option of raising oil prices will be a fall and a breakdown of the level of 70.05 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 63.45. The rise in quotes will be confirmed by a breakdown of the resistance area and closing of prices for Brent above the level of 79.65, which will indicate the completion of the formation of the Double Bottom reversal pattern and the beginning of the pattern with targets at the top.
Brent Crude Oil Forecast for June 9, 2023 suggests an attempt to test the support level near the area of 74.95. Further, the continuation of the growth of oil with a target above the level of 83.75. 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 70.05. This will indicate a continued decline in quotes to the area below the level of 63.45.
Looking for the Best Forex Broker? We trade at RoboForex. You can receive a rebates from each trade when registering using our partner link
