Brent oil quotes continue to move within the development of a fall and a descending channel. There is still potential for the formation of a “double bottom” reversal pattern. At the time of publication of the forecast, the price of Brent crude oil is $77.46 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 $76.25 per barrel. Then, an upward rebound and continued growth of the oil rate to the area above the level of 85.65.
Brent Forecast for August 22, 2024
An additional signal in favor of an increase 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 reversal pattern. The cancellation of the oil price growth scenario will be a drop in quotes and a breakout of the level of 73.05 dollars 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 65.05. The growth of quotes and oil prices will be confirmed by a breakout of the resistance area and the closing of Brent prices above the level of 82.65, which will indicate a breakout of the upper border of the reversal pattern and the beginning of the pattern with targets at the top.
Brent Forecast for August 22, 2024 suggests an attempt to test the support level near the 76.25 area. Further, the continuation of oil growth with a target above the level of 85.65. A test of the trend line on the relative strength indicator will be in favor of the asset’s rise. The cancellation of the Brent oil price growth scenario will be a fall and a breakout of the level of 73.05. This will indicate a continuation of the decline in quotes to the area below the level of 65.05.
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