Brent continue to move as part of a bullish correction and a downward channel. At the time of the publication of the forecast, the price of Brent crude oil is $78.77 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 80.75 dollars per barrel. Further, a rebound down and a continuation of the fall in the oil rate to the area below the level of 67.45.
Brent Crude Oil Forecast March 31, 2023
An additional signal in favor of falling 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 “Wedge” pattern. Cancellation of the option of falling oil prices will be a strong growth and a breakdown of the level of 83.75 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 89.05. The fall in quotes will be confirmed by a breakdown of the support area and closing of prices for Brent below the level of 72.05, which will indicate a breakdown of the lower boundary of the “Wedge” model and the start of working out the model with targets below.
Brent Crude Oil Forecast March 31, 2023 suggests an attempt to test the resistance level near the area of 80.75. Further, the continuation of the fall of oil with a target below the level of 67.45. In favor of the fall of the asset, a test of the trend line on the relative strength index (RSI) will come out. Cancellation of the option to reduce the price of Brent oil will be a strong growth and a breakdown of the level of 83.75. This will indicate a continued rise in quotes to the area above the level of 89.05.
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