Brent is trading at $82 per barrel and is moving within the development of a correction 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 7, 2024, a correction in the value of the asset is expected to develop and a test of the upper limit of the Ichimoku Kinko Hyo Cloud near level 81. 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 7, 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.
Cancellation of the option to increase 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 below the area of 79 dollars per barrel. In this case, we should expect a change in the bullish trend in favor of a bearish trend and a continued fall in the price to the area below the level of 70. 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 84.
Brent Crude Oil price Forecast for March 7, 2024 assumes an attempt to develop a correction and test the support level near the 81 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 79 area This will indicate a continued decline in the Brent price with a potential target below 70.
