Brent continue to move as part of the correction and the formation of the double bottom reversal pattern. At the time of the publication of the forecast, the price of Brent crude oil is $89.32 per barrel. Moving averages indicate a short-term bearish trend in oil. Prices have broken through the area between the signal lines down, 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 decline and test the support level near the area of 87.10 dollars per barrel. Further, a rebound upwards and continued growth of the oil rate to the area above the level of 99.45.
Brent Crude Oil Forecast November 24, 2022
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 from the lower border of the double bottom reversal pattern. 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 65.05. 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 91.55, which will indicate a breakdown of the upper limit of the downward correction channel.
Brent Crude Oil Forecast November 24, 2022 suggests an attempt to test the support level near the area of 87.10. Further, the continuation of the growth of oil with a target above the level of 99.45. 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 65.05.
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