BRENT complete the trading week near the area of 94.60 dollars per barrel. And it continues to move within the framework of a slight growth and the formation of a “Head and Shoulders” reversal pattern. Moving averages indicate an uptrend. Prices are again testing the area between the signal lines, which indicates pressure from buyers of raw materials and a potential continuation of growth already from current levels. At the moment, we should expect an attempt to develop a correction and test the support area near the level of 89.25. Then, it is worth considering a rebound upwards and continued growth of oil in the area above the level of 119.45 dollars per barrel.
BRENT Weekly Forecast October 31 — November 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 (RSI). The second signal will be a rebound from the upper border of the descending channel. Cancellation of the growth option for quotations and BRENT oil prices in the trading week October 31 — November 4, 2022 will be a fall and a breakdown of the level of 77.05. This will indicate a breakdown of the support area and a continuation of the fall of oil to the area below the level of 66.45. With the breakdown of the resistance area and the closing of quotes above the level of 103.05, we should expect confirmation of the rise in the price of BRENT oil, which will indicate a breakdown of the upper border of the “Head and Shoulders” reversal pattern and the beginning of the pattern with targets at the top.
BRENT Weekly Forecast October 31 — November 4, 2022 suggests an attempt to test the support area near the level of 89.25. Where should we expect a rebound and an attempt to increase oil with a potential target at 119.45. 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 77.05 area. This will indicate a breakdown of the support area and a continued decline in the price of oil with a target below 66.45.
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