BRENT complete the trading week near the area of 74.28 dollars per barrel. The asset continues to move as part of the fall and the formation of the reversal pattern “Wedge”. 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 65.05. Then, it is worth considering a rebound upwards and the continuation of the growth of oil in the area above the level of 92.65 dollars per barrel.
BRENT Forecast Weekly Forecast May 8 — 12, 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 upper border of the “Wedge” reversal pattern. Cancellation of the growth option for quotations and BRENT oil prices in the trading week May 8 — 12, 2023 will be a fall and a breakdown of the level of 53.05. This will indicate a breakdown of the support area and a continuation of the fall of oil to the area below the level of 44.65. With the breakdown of the resistance area and the closing of quotes above the level of 80.05, we should expect confirmation of the rise in the price of BRENT oil, which will indicate the breakdown of the upper border of the Triangle model and the beginning of the pattern with targets at the top.
BRENT Forecast Weekly Forecast May 8 — 12, 2023 suggests an attempt to test the support area near the level of 65.05. Where should we expect a rebound and an attempt to increase oil with a potential target at the level of 92.65. 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 53.05 area. This will indicate a breakdown of the support area and a continued decline in the price of oil with a target below 44.65.
Looking for the Best Forex Broker? We trade at RoboForex. You can receive a rebates from each trade when registering using our partner link
