BRENT oil quotes end the trading week near the area of 84.43 dollars per barrel. The asset continues to move within the framework of a strong correction and a bullish channel. Moving averages indicate a bearish trend. Prices have broken through the area between the signal lines downwards, which indicates pressure from commodity sellers and a potential continuation of the fall from current levels. At the moment, we should expect an attempt to develop a decline and test the support area near the level of 78.05. Then, it is worth considering a rebound upward and continued growth of oil to the area above the level of 107.15 dollars per barrel.
BRENT Weekly Forecast October 9 — 13, 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 9 — 13, 2023 will be a fall and a breakdown of the level of 70.55. This will indicate a breakdown of the support area and a continuation of the fall of oil to the area below the level of 65.05. With a breakdown of the resistance area and closing of quotes above the level of 96.75.
BRENT Weekly Forecast October 9 — 13, 2023 suggests an attempt to test the support area near the level of 78.05. Where can we expect a rebound and an attempt to continue the growth of oil with a potential target at 107.15. 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 70.55 area. This will indicate a breakdown of the support area and a continued fall in oil prices with a target below the level of 65.05.
Looking for the Best Forex Broker? We trade at RoboForex. You can receive a rebates from each trade when registering using our partner link
