Quotes of Brent crude oil continue to move within the framework of a bullish correction and the formation of a “Triangle” pattern. At the time of this forecast, the price of Brent crude oil stands at $76.67 per barrel. Moving averages indicate the presence of a short-term bearish trend for oil. Prices have broken above the area between the signal lines, indicating buying pressure on black gold and the potential continuation of the asset’s price growth from current levels. Currently, we can expect an attempt to develop a decline and test the support level near the area of $74.55 per barrel. Then, a bounce upwards and a continuation of the oil price rise towards the area above the $85.05 level.
Brent Forecast for June 21, 2023
An additional signal in favor of the rise in quotes and prices of Brent crude oil would be a test of the support line on the Relative Strength Index (RSI) indicator. A second signal would be a bounce off the upper boundary of the descending channel, which was broken by buyers to the upside. The scenario of oil price rise would be invalidated by a decline and a breakthrough of the $71.05 level. This would indicate a breakout of the support area and a continuation of the decline in Brent quotes to the area below the $64.05 level. Confirmation of the rise in quotes and oil prices would be a breakthrough of the resistance area and the closure of Brent prices above the $79.05 level, indicating a breakout of the upper boundary of the “Triangle” pattern and the beginning of pattern fulfillment with targets to the upside.
Brent Forecast for June 21, 2023 suggest an attempt to test the support level near the $74.55 area, followed by a continuation of the oil rise with a target above the $85.05 level. A test of the trend line on the Relative Strength Index indicator supports the rise of the asset. The scenario of Brent crude oil price rise would be invalidated by a decline and a breakthrough of the $71.05 level, indicating a continuation of the quotes’ decline to the area below the $64.05 level.
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