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 $82.99 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 correction and test the resistance level near the area of 84.35 dollars per barrel. Further, a rebound down and a continuation of the fall in the oil rate to the area below the level of 74.05.
Brent Crude Oil Forecast March 3, 2023
An additional signal in favor of lower quotes and Brent oil prices will be a test of the resistance line on the relative strength index (RSI). The second signal will be a rebound from the upper border of the descending channel. Cancellation of the option of falling oil prices will be a strong growth and a breakdown of the level of 88.55 dollars per barrel. This will indicate a breakdown of the resistance area and continued growth of BRENT quotes to the area above the level of 95.05. The fall in quotes will be confirmed by a breakdown of the support area and closing of prices for Brent below the level of 77.35, which will indicate a breakdown of the lower border of the ”Triangle” model and the beginning of the pattern with targets below.
Brent Crude Oil Forecast March 3, 2023 suggests an attempt to test the resistance level near the area of 84.35. Further, the continuation of the fall of oil with a target below the level of 74.05. 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 of falling Brent oil prices will be a strong growth and a breakdown of the level of 88.55. This will indicate a continuation of the rise in quotes to the area above the level of 95.05.
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