Brent oil quotes continue to move as part of the development of a correction and the formation of a “Double Bottom” reversal pattern. At the time of publication of the forecast, the price of Brent oil is $87.90 per barrel. Moving averages indicate a short-term bullish trend for oil. Prices are again testing the area between the signal lines, which indicates pressure from buyers of Black Gold and a potential continuation of growth in the value of the asset from current levels. At the moment, we should expect an attempt to develop a bearish correction and a test of the support level near the area of 85.95 dollars per barrel. Next, a rebound upward and continued growth of the oil rate to the area above the level of 91.75.
Brent Forecast for April 30, 2024
An additional signal in favor of growth in quotes and prices for Brent oil will be a test of the support line on the relative strength indicator (RSI). The second signal will be a rebound from the lower border of the bullish channel. Cancellation of the option of rising oil prices will be a fall in prices and a breakdown of the level of 85.05 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 78.85. Confirmation of the growth of quotes and oil prices will be the breakdown of the resistance area and the closing of Brent prices above the level of 90.05, which will indicate a breakdown of the upper boundary of the bearish channel.
Brent Forecast for April 30, 2024 suggests an attempt to test the support level near the 85.95 area. Further, oil continues to grow with a target above the level of 91.75. A test of the trend line on the relative strength index (RSI) will support the rise of the asset. Cancellation of the option to increase the price of Brent oil will be a fall and a breakdown of the level of 85.05. This will indicate a continued decline in quotes to the area below the level of 78.85.
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