Oil mark quotes Brent continue to move within the framework of the correction and the formation of the “Triangle” pattern. At the time of the publication of the forecast, the price of Brent oil is $108.05 per barrel. Moving averages indicate the presence of a short-term bullish trend in oil. Prices have broken through the area between the signal lines up, which indicates pressure from buyers of Black Gold and a potential continued growth in the value of the asset already from current levels. At the moment, we should expect an attempt to develop a fall and test the support level near the area of 101.65 dollars per barrel. Further, the continuation of the growth of the oil rate to the area above the level of 132.05.
Analytics and oil price forecast for May 10, 2022
An additional signal in favor of the rise in quotes and Brent oil prices will be a test of the trend line on the relative strength index (RSI). The second signal will be a rebound from the lower border of the Triangle model. Cancellation of the option of raising oil prices will be a fall and a breakdown of the level of 94.05 dollars per barrel. This will indicate a breakdown of the support area and a continued fall in BRENT quotes to the area below the level of 85.05. The rise in quotes will be confirmed by the breakdown of the resistance area and the closing of prices for Brent above the level of 117.05, which will indicate the breakdown of the upper border of the “Triangle” model.
Thus, Analytics and oil price forecast for May 10, 2022 suggests an attempt to test the support level near the area of 101.65. Further, the continuation of the growth of oil with a target above the level of 132.05. In favor of the rise of the asset, a test of the trend line on the relative strength index (RSI) will come out. Cancellation of the option of growth in the price of Brent oil will be a fall and a breakdown of the level of 94.05 This will indicate a continued decline in quotations to the area below the level of 85.05.