Brent is trading at $86 per barrel and is moving within the development of growth and a bullish channel. Oil is moving above the upper boundary of the Cloud of the Ichimoku Kinko Hyo indicator. This indicates the presence of a bullish trend for the instrument. As part of the oil price forecast for March 20, 2024, a correction in the value of the asset is expected to develop and a test of the signal line area of the Ichimoku Kinko Hyo indicator is expected near level 85. 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 near $90 per barrel.
Brent Crude Oil price Forecast for March 20, 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 upper border of the bullish channel. Earlier, a signal of medium strength for buying Brent Oil was received. 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 81 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 75. We should expect an acceleration in the growth of Brent oil prices with a breakdown of the resistance area and the closing of the asset value above the level of 88.
Brent Crude Oil price Forecast for March 20, 2024 assumes an attempt to develop a correction and test the support level near the 85 area. Where can we expect a rebound upward and continued growth of oil with a potential target near the level of 90. The cancellation of the option to raise quotes will be a fall and a breakdown of the 81 area This will indicate a continued decline in the Brent price with a potential target below 75.
