Brent is trading at $82 per barrel and is moving within the development of a decline and a bullish channel. Oil is moving inside the Cloud of the Ichimoku Kinko Hyo indicator. This indicates the presence of a sideways trend for the instrument. As part of the oil price forecast for March 13, 2024, a correction in the value of the asset is expected to develop and a test of the lower boundary of the Ichimoku Kinko Hyo Cloud near level 82. Where can we expect an attempt to rebound upward and continue to grow in the value of Black Gold on world markets. The target for rising oil prices is the area around $86 per barrel.
Brent Crude Oil price Forecast for March 13, 2024
An additional signal in favor of rising prices for Brent oil will be a test of the support area on the price chart. The second signal will be a rebound from the lower border of the bullish channel. Previously, a weak signal was received for sales of Brent Oil. The signal was formed due to the intersection of signal lines at level 82.
The cancellation of the option to raise Oil quotes tomorrow will be a fall in oil prices and a breakdown of the lower boundary of the Cloud of the Ichimoku Kinko Hyo indicator with closing quotes above the area of 80 dollars per barrel. In this case, we should expect a change in the sideways trend in favor of a bearish trend and a continuation of the price fall to the area below the level of 73. An acceleration in the growth of Brent oil prices should be expected with the breakdown of the resistance area and the closing of the asset value above the level of 85.
Brent Crude Oil price Forecast for March 13, 2024 assumes an attempt to develop a correction and test the support level near the 82 area. Where can we expect a rebound upward and continued growth of oil with a potential target near the level of 86. The cancellation of the option to raise quotes will be a fall and a breakdown of the 80 area This will indicate a continued decline in the Brent price with a potential target below 73.
