The quotes for Brent crude oil continue to move as part of growth and a bullish channel. At the time of the publication of the forecast, the price of Brent crude oil is $84.44 per barrel. Moving averages indicate the presence of a short-term bullish 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 a test of the support level near the area of 82.05 dollars per barrel. Further, a rebound upwards and continued growth of the oil rate to the area above the level of 91.95.
Brent Forecast for August 16, 2023
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 bullish channel. Cancellation of the option of raising oil prices will be a fall and a breakdown of the level of 80.05 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 75.05. Confirmation of the growth of quotations and oil prices will be the breakdown of the resistance area and the closing of prices for Brent above the level of 91.05.
Brent Forecast for August 16, 2023 suggests an attempt to test the support level near the area of 82.05. Further, the continuation of the growth of oil with a target above the level of 91.95. 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 80.05. This will indicate a continued decline in quotes to the area below the level of 75.05.
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