The quotes for Brent crude oil continue to move as part of the fall and the development of the “Triangle” pattern. At the time of publication of the forecast, the price of Brent oil is $83.04 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 correction and a test of the resistance level near the area of 84.85 dollars per barrel. Next, a rebound downwards and a continuation of the fall in the oil price to the area below the level of 74.45.
Brent Forecast for November 16, 2023
An additional signal in favor of a fall 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 Triangle pattern. Cancellation of the option of falling oil prices will be a strong rise in prices and a breakdown of the level of 88.85 dollars per barrel. This will indicate a breakdown of the resistance area and continued growth of BRENT quotes to the area above the level of 95.45. 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 78.45.
Brent Forecast for November 16, 2023 suggests an attempt to test the resistance level near the 84.85 area. Further, oil continues to fall with a target below the level of 74.45. 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 88.85. This will indicate a continued rise in quotes to the area above the level of 95.45.
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