Brent is trading at $85.27 per barrel and is moving up as part of the growth and has left the bearish 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 forecast for the oil price on August 31, 2023, a bullish correction in the value of the asset is expected to develop and a test of the upper border of the Ichimoku Kinko Hyo indicator cloud near the level of 83. Where should we expect an attempt to rebound upwards and continue the growth of the cost of “Black Gold” in world markets. The purpose of the rise in oil prices is the area near 88 dollars per barrel.
Brent Crude Oil price Forecast for August 31, 2023
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 bearish channel, which was broken up by buyers. Earlier, a weak signal was received for buying Brent Oil. The signal was formed due to the crossing of signal lines at level 83.
Cancellation of the growth option for Oil quotes tomorrow will be a fall in prices and a breakdown of the lower boundary of the Cloud of the Ichimoku Kinko Hyo indicator with quotes closing below the $81 per barrel area. In this case, we should expect a change in the bullish trend in favor of a bearish trend and the price will continue to fall to the area below the level of 70. Brent oil quotes should be expected to accelerate with the breakdown of the resistance area and closing the value of the asset above the level of 86, which will indicate a breakdown of the upper limit of the bearish correction channel.
Brent Crude Oil price Forecast for August 31, 2023 suggests an attempt to develop a correction and test the support level near the area of 83. Where should we expect a rebound upwards and continued growth of oil with a potential target near the level of 88. Cancellation of the option to raise quotes will be a fall and a breakdown of the area of 81. This will indicate a continued fall in the price of Brent with a potential target below the level of 70.
