The quotes for Brent continue to move as part of the development of growth and a bullish channel. At the time of publication of the forecast, the price of Brent oil is $83.23 per barrel. Moving averages indicate a short-term bullish trend for oil. Prices have broken through the area between the signal lines upward, 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 82.65 dollars per barrel. Next, a rebound upward and continued growth of the oil rate to the area above the level of 90.65.
Brent Forecast for February 21, 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 77.05 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 65.05. Confirmation of the growth of quotes and oil prices will be the breakdown of the support area and the closing of Brent prices below the level of 87.05, which will indicate a breakdown of the upper boundary of the bullish channel, and this is a signal for growth by the width of the channel.
Brent Forecast for February 21, 2024 suggests an attempt to test the support level near the 81.45 area. Further, oil continues to grow with a target above the level of 87.05. 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 79.25. This will indicate a continued decline in quotes to the area below the level of 73.05.
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