Oil mark quotes BRENT complete the trading week near the area of 94.60 dollars per barrel. And it continues to move within the framework of a downward correction and a bullish channel. Moving averages indicate a bullish trend. Prices have broken through the area between the signal lines down, which indicates pressure from the sellers of raw materials and a potential continuation of the fall. At the moment, we should expect an attempt to develop a correction and test the support area near the level of 87.05. Then, it is worth considering a rebound upwards and the continuation of the growth of oil in the area above the level of 125.05 dollars per barrel.
BRENT oil forecast for the week 8 – 12 August 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 lower border of the bullish channel. Cancellation of the growth option for quotations and BRENT oil prices in the trading week August 8-12, 2022 will be a fall and a breakdown of the level of 73.55. This will indicate a breakdown of the support area and a continuation of the fall of oil to the area below the level of 63.55. With the breakdown of the resistance area and the closing of quotes above the level of 122.55, we should expect confirmation of the rise in the price of BRENT oil, which will indicate a breakdown of the upper limit of the downward correction channel.
Thus, BRENT Oil Forecast for the week 8 — 12 August 2022 suggests an attempt to test the support area near the level of 87.05. Where should we expect a rebound and an attempt to increase oil with a potential target at 125.05. 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 73.55 area. This will indicate a breakdown of the support area and a continued decline in the price of oil with a target below 63.55.