Brent Forecast for May 8, 2024

Brent oil quotes continue to move as part of the development of the fall and the bullish channel. At the time of publication of the forecast, the price of Brent oil is $83.22 per barrel. Moving averages indicate a short-term bearish trend in 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 decline and test the support level near the area of 81.35 dollars per barrel. Next, a rebound upward and continued growth of the oil rate to the area above the level of 88.65.

Brent Forecast for May 8, 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 bullish channel. Cancellation of the option of rising oil prices will be a fall in prices and a breakdown of the level of 80.35 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 74.05. Confirmation of the growth of quotes and oil prices will be the breakdown of the resistance area and the closing of Brent prices above the level of 87.65, which will indicate a breakdown of the upper boundary of the downward correction channel.

Brent Forecast for May 8, 2024 suggests an attempt to test the support level near the 81.35 area. Further, oil continues to grow with a target above the level of 88.65. 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 80.35. This will indicate a continued decline in quotes to the area below the level of 74.05.

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