Brent continue to move as part of the growth and the formation of the “Triangle” model. At the time of the publication of the forecast, the price of Brent oil is $84.68 per barrel. Moving averages indicate a short-term bearish 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 test the support level near the area of 83.55 dollars per barrel. Further, a rebound upwards and the continuation of the growth of the oil rate to the area above the level of 94.45.
Brent Crude Oil Forecast March 7, 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 lower border of the “Triangle” model. Cancellation of the option of raising oil prices will be a fall and a breakdown of the level of 77.05 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 72.45. Confirmation of the growth of quotations will be a breakdown of the resistance area and the closing of prices for Brent above the level of 88.55, which will indicate a breakdown of the upper border of the “Triangle” model and the beginning of the pattern with targets at the top.
Brent Crude Oil Forecast March 7, 2023 suggests an attempt to test the support level near the area of 83.55. Further, the continuation of the growth of oil with a target above the level of 94.45. 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 77.05. This will indicate a continued decline in quotes to the area below the level of 72.45.
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