Brent oil quotes continue to move within the development of a fall and a descending channel. At the time of publication of the forecast, the price of Brent crude oil is 78.11 dollars 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.
Brent Forecast for August 21, 2024
At the moment, we should expect an attempt to develop a bullish correction and a test of the resistance level near the area of 78.65 dollars per barrel. Then, a rebound downwards and a continuation of the fall in the oil rate to the area below the level of 74.65. An additional signal in favor of a decrease in quotes and prices for Brent oil will be a test of the resistance 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 falling oil prices will be a strong increase in quotes and a breakout of the level of 80.55 dollars per barrel. This will indicate a breakout of the resistance area and continued growth of BRENT quotes to the area above 86.35. A breakout of the support area and closing of Brent prices below 76.45 will confirm the fall in quotes and oil prices.
Brent Forecast for August 21, 2024 suggests an attempt to test the resistance level near the 78.65 area. Further, the continuation of the fall in oil with a target below 74.65. A test of the trend line on the relative strength indicator will be in favor of a decline in the asset. A strong growth and a breakout of the 80.55 level will cancel the option of a fall in Brent oil prices. This will indicate a continued rise in quotes to the area above 86.35.
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