BRENT finish the trading week near the area of $ 83.85 per barrel. And it continues to move within the framework of the rise and the bullish channel. Moving averages indicate a bullish trend. Prices moved up from the area between the signal lines, which indicates pressure from buyers of raw materials and a potential continuation of the rise. At the moment, we should expect an attempt to develop a downward correction and a test of the support area near the level of 76.15. Then, a rebound and continued rise in oil to the area above the level of $ 101.65 per barrel.
BRENT Forecast and Analysis November 1 — 5, 2021
An additional signal in favor of a rise in oil quotes this week 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 ascending channel. Cancellation of the growth option for quotations and oil prices BRENT in the trading week November 1 — 5, 2021 will be a fall and a breakdown of the level of 65.45. This will indicate a breakdown of the support area and a continued fall in oil to an area below the level of 55.05. With the breakdown of the resistance area and closing of quotations above the level of 88.55, we should expect confirmation of a rise in the BRENT oil price.
BRENT Forecast and Analysis November 1 — 5, 2021 suggests an attempt to test the support area near the level of 76.15. Where can we expect a rebound and an attempt to raise oil with a potential target at the level of 101.65. An additional signal in favor of rising oil prices will be a test of the trend line on the relative strength index (RSI). Cancellation of the rise option will be the price fall and the breakdown of the 65.45 area. This will indicate a breakdown of the support area and a continued decline in oil prices with a target below 55.05.
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