Brent continue to move within the framework of growth and a downward channel. At the time of the publication of the forecast, the price of Brent oil is $86.35 per barrel. Moving averages indicate the presence of a short-term bullish trend in oil. Prices have broken through the area between the signal lines up, 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 correction and a test of the support level near the area of 83.65 dollars per barrel. Further, a rebound upwards and the continuation of the growth of the oil rate to the area above the level of 98.55.
Brent Crude Oil Forecast January 18, 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 of the upper border of the descending channel, which was broken by buyers up. 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 74.05. 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 89.55.
Brent Crude Oil Forecast January 18, 2023 suggests an attempt to test the support level near the area of 83.65. Further, the continuation of the growth of oil with a target above the level of 98.55. 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 74.05.
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