Brent oil quotes continue to move within the correction development and have left the descending channel. At the time of the forecast publication, the price of Brent crude oil is $80.24 per barrel. Moving averages indicate the presence of a short-term bearish trend for oil. Prices are again testing the area between the signal lines, which indicates pressure from sellers of “Black Gold” and a potential continuation of the fall in the value of the asset from the 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 $78.65 per barrel. Then, an upward rebound and continued growth of the oil rate to the area above the level of 87.55.
Brent Forecast for August 16, 2024
An additional signal in favor of the growth of 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 upper border of the descending channel. The cancellation of the option of growth in oil prices will be a drop in quotes and a breakout of the level of $75.05 per barrel. This will indicate a breakout of the support area and a continuation of the fall of BRENT quotes to the area below the level of 67.85. A breakout of the resistance area and closing of Brent prices above the level of 83.55 will confirm the growth of quotes and oil prices.
Brent Forecast for August 16, 2024 suggests an attempt to test the support level near the area of 78.65. Further, the continuation of oil growth with a target above the level of 87.55. A test of the trend line on the relative strength indicator will be in favor of the asset’s rise. The cancellation of the growth option for Brent oil prices will be a fall and a breakout of the level of 75.05. This will indicate a continuation of the decline in quotes to the area below the level of 67.85.
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