Brent is trading at $102 per barrel and is moving within the growth and bullish channel. Oil is moving above the upper boundary of the Ichimoku Kinko Hyo Cloud. This indicates the presence of a bullish trend for the instrument. As part of the oil price forecast for August 31, 2022, the development of a correction in the value of the asset and a test of the upper border of the Cloud of the Ichimoku Kinko Hyo indicator near the level of 99 are expected. Where should we expect an attempt to rebound upwards and continue the growth of the cost of “Black Gold” in world markets. The goal of reducing oil quotes is the area near 111 dollars per barrel.
Brent Crude Oil price Forecast August 31, 2022
An additional signal in favor of rising prices for Brent crude oil will be a test of the support area on the price chart. The second signal will be a rebound from the upper border of the descending channel. Earlier, a weak signal was received for buying Brent Oil. The signal was formed due to the crossing of the signal lines at the level of 93.
Cancellation of the growth option for Oil quotes tomorrow will be a fall and a breakdown of the lower boundary of the Cloud of the Ichimoku Kinko Hyo indicator with quotes closing below the $95 per barrel area. In this case, we should expect a change in the bullish trend in favor of a downtrend and a continued fall in prices to the area below the level of 88. Expect an acceleration in the growth of Brent oil quotes with a breakdown of the resistance area and closing the value of the asset above the level of 106, which will indicate a breakdown of the upper boundary of the next downward channel.
Brent Crude Oil price Forecast August 31, 2022 suggests an attempt to decrease and test the support level near the area of 99. Where should we expect a rebound and continued growth of oil with a potential target near the level of 111. will indicate a continued decline in the price of Brent with a potential target below the level of 88.
