Quotes of BRENT oil end the trading week near the area of 92.53 dollars per barrel. The asset continues to move within the correction and has left the long-term bearish channel. Moving averages indicate a bearish 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 87.65. Then, it is worth considering a rebound upward and continued growth of oil to the area above the level of $113.55 per barrel.
BRENT Weekly Forecast September 25 — 29, 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 upper border of the bearish channel. Cancellation of the option to raise quotes and prices for BRENT oil in the trading week of September September 25 — 29, 2023 will be a fall and a breakdown of the level of 78.65. This will indicate a breakdown of the support area and a continuation of the fall of oil to the area below the level of 70.05. With a breakdown of the resistance area and closing of quotes above the level of 97.65.
BRENT Weekly Forecast September 25 — 29, 2023 suggests an attempt to test the support area near the level of 87.65. Where can we expect a rebound and an attempt to continue the growth of oil with a potential target at 113.55. 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 78.65 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 70.05.
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