BRENT oil quotes end the trading week near the area of 87.99 dollars per barrel. The asset continues to move as part of the correction and formation of the “Triangle” pattern. Moving averages indicate a bullish trend. Prices have broken through the area between the signal lines upward, which indicates pressure from buyers of raw materials and a potential continuation of growth from current levels. At the moment, we should expect an attempt to develop a decline and test the support area near the level of 87.05. Then, it is worth considering a rebound upward and continued growth of oil to the area above the level of $116.65 per barrel.
BRENT Forecast October 30 — November 3, 2023
An additional signal in favor of an increase in oil prices this week will be a test of the support line on the relative strength index (RSI). The second signal will be a rebound from the lower border of the Triangle pattern. Cancellation of the option to raise quotes and prices for BRENT oil in the trading week of October 30 — November 3, 2023 will be a fall and a breakdown of the level of 77.05. This will indicate a breakdown of the support area and a continuation of the fall of oil to the area below the level of 70.05. With a breakdown of the resistance area and closing of quotes above the level of 97.55, which will indicate a breakdown of the upper boundary of the “Triangle” model and the beginning of a pattern with targets above.
BRENT Forecast October 30 — November 3, 2023 suggests an attempt to test the support area near the level of 87.05. Where can we expect a rebound and an attempt to continue the growth of oil with a potential target at 116.65. An additional signal in favor of a rise in oil prices will be a test of the trend line on the relative strength index (RSI). Cancellation of the growth option will be a fall in price and a breakdown of the 77.05 area. This will indicate a breakdown of the support area and a continuation of the fall in oil prices with a target below the level of 70.05.
