BRENT complete the trading week near the area of 75.24 dollars per barrel. The asset continues to move within the fall and the downward channel. Moving averages indicate a bearish trend. Prices have gone down from the area between the signal lines, which indicates pressure from sellers of raw materials and a potential continuation of the decline already from current levels. At the moment, we should expect an attempt to develop a bearish correction and test the support area near the level of 69.45. Then, it is worth considering a rebound upwards and the continuation of the growth of oil in the area above the level of 98.25 dollars per barrel.
BRENT Forecast Weekly Forecast June 5 — 9, 2023
An additional signal in favor of the growth of oil quotes 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 Double Bottom reversal pattern. Cancellation of the growth option for quotations and BRENT oil prices in the trading week June 5 — 9, 2023 will be a fall and a breakdown of the level of 63.05. This will indicate a breakdown of the support area and a continuation of the fall of oil to the area below the level of 54.05. With the breakdown of the resistance area and the closing of quotes above the level of 80.65, we should expect confirmation of the rise in the price of BRENT oil, which will indicate a breakdown of the upper limit of the downward channel.
BRENT Forecast Weekly Forecast June 5 — 9, 2023 suggests an attempt to test the support area near the level of 69.45. Where should we expect a rebound and an attempt to increase oil with a potential target at the level of 98.25. An additional signal in favor of rising oil prices will be a test of the trend line on the relative strength index (RSI). Cancellation of the growth option will be a price drop and a breakdown of the 63.05 area. This will indicate a breakdown of the support area and a continued decline in the price of oil with a target below 54.05.
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