BRENT ended the trading week near the $ 74.38 area per barrel. And it continues to move within the framework of the growth and the bullish channel. Moving averages indicate a bullish trend. Prices are again testing the area between the signal lines, which indicates pressure from buyers of raw materials and a potential continuation of the rise. At the moment, we should expect an attempt to develop a downward correction and a test of the support area near the level of 62.65. Then, a rebound and continued rise in oil to the area above the level of $ 91.55 per barrel.
BRENT Weekly Forecast December 20 — 24, 2021
An additional signal in favor of a rise in 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 ascending channel. Cancellation of the growth option for quotations and oil prices BRENT in the trading week December 20 — 24, 2021 will be a fall and a breakdown of the level of 58.55. This will indicate a breakdown of the support area and a continued fall in oil to an area below the level of 50.95. With the breakdown of the resistance area and closing of quotations above the level of 80.55, we should expect confirmation of a rise in the BRENT oil price.
BRENT Weekly Forecast December 20 — 24, 2021 implies an attempt to test the support area near the 62.65 level. Where can we expect a rebound and an attempt to raise oil with a potential target at the level of 91.55. 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 rise option will be the price fall and the breakdown of the 58.55 area. This will indicate a breakdown of the support area and a continued decline in oil prices with a target below 50.95.
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