The quotes for Brent crude oil continue to move as part of the correction and the formation of the “Triangle” pattern. At the time of publication of the forecast, the price of Brent oil is $88.16 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 84.25 dollars per barrel. Next, a rebound upward and continued growth of the oil rate to the area above the level of 101.65.
Brent Forecast for October 31, 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 to increase oil prices will be a fall 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 72.45. Confirmation of the growth of quotations and oil prices will be the breakdown of the resistance area and the closing of Brent prices above the level of 96.75, which will indicate a breakdown of the upper boundary of the “Triangle” model and the beginning of the development of the model with targets above.
Brent Forecast for October 31, 2023 suggests an attempt to test the support level near the 84.25 area. Further, oil continues to grow with a target above the level of 101.65. A test of the trend line on the relative strength index (RSI) will support the growth of the asset. Cancellation of the option to raise 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 72.45.
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