BRENT oil quotes end the trading week near the area of 93.35 dollars per barrel. The asset continues to move within the growth and bullish channel. Moving averages indicate a bullish trend. Prices have broken through the area between the signal lines upward, which indicates pressure from buyers of raw materials and a potential continuation of growth from current levels. At the moment, we should expect an attempt to develop a decline and test the support area near the level of 88.25. Then, it is worth considering a rebound upward and continued growth of oil to the area above the level of 115.05 dollars per barrel.
BRENT Weekly Forecast October 23 — 27, 2023
An additional signal in favor of an increase in oil prices 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 bullish channel. Cancellation of the option to raise quotes and prices for BRENT oil in the trading week of October 23 — 27, 2023 will be a fall and a breakdown of the level of 80.05. This will indicate a breakdown of the support area and a continuation of the fall of oil to the area below the level of 70.55. With a breakdown of the resistance area and closing of quotes above the level of 100.05.
BRENT Weekly Forecast October 23 — 27, 2023 suggests an attempt to test the support area near the level of 88.25. Where can we expect a rebound and an attempt to continue the growth of oil with a potential target at the level of 115.05. 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 price and a breakdown of the 80.05 area. This will indicate a breakdown of the support area and a continuation of the fall in oil prices with a target below the level of 70.55.
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