Brent oil quotes continue to move as part of the decline and have left the bullish channel. At the time of publication of the forecast, the price of Brent oil is $84.20 per barrel. Moving averages indicate a short-term bullish trend for oil. Prices have broken through the area between the signal lines downwards, which indicates pressure from sellers of Black Gold and a potential continuation of the fall in the value of the asset from current levels. At the moment, we should expect an attempt to develop a bullish correction and a test of the resistance level near the area of 85.65 dollars per barrel. Next, a rebound downwards and a continuation of the fall in the oil price to the area below the level of 78.25.
Brent Forecast for May 3, 2024
An additional signal in favor of a fall 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 bearish channel. Cancellation of the option of falling oil prices will be a strong rise in prices and a breakdown of the level of $90.45 per barrel. This will indicate a breakdown of the resistance area and continued growth of BRENT quotes to the area above the level of 97.45. Confirmation of the fall in quotes and oil prices will be the breakdown of the support area and the closing of Brent prices below the level of 82.05.
Brent Forecast for May 3, 2024 suggests an attempt to test the resistance level near the 85.65 area. Further, oil continues to fall with a target below the level of 78.25. A test of the trend line on the relative strength index (RSI) will support a decline in the asset. Cancellation of the option for a fall in the price of Brent oil will be a strong growth and a breakdown of the level of 90.45. This will indicate a continued rise in quotes to the area above the level of 97.45.
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