BRENT complete the trading week near the area of 88.70 dollars per barrel. And it continues to move within the growth and bullish channel. Moving averages indicate a bullish trend. Prices have gone 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 test the support area near the level of 78.65. Then, it is worth considering a rebound upwards and the continuation of the growth of oil in the area above the level of 103.75 dollars per barrel.
BRENT Weekly Forecast January 31 — February 4, 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, and now there is a test of the resistance line, so we should most likely expect a downward correction from current levels. But the breakdown of this line upwards will indicate only the acceleration of the rise. The second signal will be a rebound from the lower border of the rising channel. Cancellation of the growth option for quotations and BRENT oil prices in the trading week January 31 — February 4, 2022 will be a fall and a breakdown of the level of 67.65. This will indicate a breakdown of the support area and a continuation of the fall of oil to the area below the level of 61.55. With the breakdown of the resistance area and the closing of quotes above the level of 93.05, we should expect confirmation of the rise in the price of BRENT oil and a breakdown of the upper limit of the bullish channel.
BRENT Weekly Forecast J January 31 — February 4, 2022 suggests an attempt to test the support area near the level of 78.65. Where should we expect a rebound and an attempt to increase oil with a potential target at 103.75. 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 67.65 area. This will indicate a breakdown of the support area and a continued decline in the price of oil with a target below 61.55.
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