BRENT finish the trading week near the area of $ 82.23 per barrel. And it continues to move within the framework of the growth and the bullish channel. It is quite likely that we should no longer expect the completion of the formation of the large “Head and Shoulders” reversal pattern, which could send the oil chart below the level of $50 per barrel. Moving averages indicate a bullish trend. Prices moved up from 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 correction and a test of the support area near the level of 75.75. Then, it is worth considering an upward rebound and continued growth in oil to the area above the level of $98.05 per barrel.
BRENT Weekly Forecast January 10 — 14, 2022
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 ascending channel. Cancellation of the growth option for quotations and oil prices BRENT in the trading week January 10 — 14, 2022 will be a fall and a breakdown of the level of 63.55. This will indicate a breakdown of the support area and a continued fall in oil to an area below the level of 58.65. With the breakdown of the resistance area and closing of quotations above the level of 88.05, we should expect confirmation of a rise in the BRENT oil price.
BRENT Weekly Forecast January 10 — 14, 2022 implies an attempt to test the support area near the level of 75.75. Where can we expect a rebound and an attempt to grow oil with a potential target at the level of 98.05. 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 prices and a breakdown of the 63.55 area. This will indicate a breakdown of the support area and a continued decline in oil prices with a target below 58.65.
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