Crypto

Analytics and oil price forecast for June 24, 2022

Oil mark quotes Brent continue to move within the fall and the descending channel. At the time of the publication of the forecast, the price of Brent crude oil is $110.50 per barrel. Moving averages indicate a short-term bearish trend in oil. Prices have broken through the area between the signal lines down, which indicates pressure from the sellers of “Black Gold” and a potential continuation of the fall 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 ​​113.25 dollars per barrel. Further, the continuation of the fall of the oil rate to the area below the level of 97.35.

Analytics and oil price forecast for June 24, 2022

An additional signal in favor of falling 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 upper border of the descending channel. Cancellation of the option of falling oil prices will be a strong growth and a breakdown of the level of 118.05 dollars per barrel. This will indicate a breakdown of the resistance area and continued growth of BRENT quotes to the area above the level of 122.55. The fall in quotes will be confirmed by a breakdown of the support area and closing of prices for Brent below the level of 104.35, which will indicate a breakdown of the lower border of the bearish correction channel.

Thus, Analytics and oil price forecast for June 24, 2022 suggests an attempt to test the support level near the area of ​​113.25. Further, the continuation of the growth of oil with a target above the level of 97.35. In favor of the growth of the asset, a test of the trend line on the relative strength index (RSI) will come out. Cancellation of the option to raise the price of Brent oil will be a fall and a breakdown of the level of 118.05. This will indicate a continued fall in quotes to the area below the level of 122.55.

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