The quotes for Brent crude oil continue to move within a bullish correction and the formation of a “Triangle” pattern. At the time of the forecast publication, the price of Brent crude oil is $75.95 per barrel. The moving averages indicate the presence of a short-term bearish trend for oil. Prices are once again testing the area between the signal lines, indicating pressure from sellers of “Black Gold” and a potential continuation of the asset’s price decline from current levels. Currently, we can expect an attempt to develop a downward movement and test the support level near the $72.95 per barrel area. This would be followed by an upward rebound and a continuation of the oil price rally towards an area above the $83.85 level.
Brent Forecast for June 22, 2023
An additional signal in favor of an increase in the quotes and prices of Brent crude 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 boundary of the “Triangle” pattern. The cancellation of the oil price increase scenario will occur with a decline and a breakthrough below the $70.05 per barrel level. This would indicate a breakthrough of the support area and a continuation of the decline in Brent crude oil quotes towards an area below the $64.05 level. Confirmation of the rise in quotes and oil prices will come with a breakthrough of the resistance area and the closure of Brent prices above the $79.55 level. This would indicate a breakthrough of the upper boundary of the “Triangle” pattern and the beginning of the pattern’s development with upward targets.
Brent Forecast for June 22, 2023 suggest an attempt to test the support level near the $72.95 area, followed by a continuation of the oil rally towards an area above the $83.85 level. A test of the trend line on the relative strength indicator supports the upward movement of the asset. The cancellation of the Brent crude oil price increase scenario will occur with a decline and a breakthrough below the $70.05 level. This would indicate a continuation of the quotes’ decline towards an area below the $64.05 level.
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