Brent is trading at $85.82 per barrel and is moving within the growth and 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 oil price forecast for September 1, 2023, a bullish correction in the value of the asset is expected to develop and a test of the area of the signal lines of the Ichimoku Kinko Hyo indicator near the level of 85. 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 90 dollars per barrel.
Brent Crude Oil price Forecast for September 1, 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 lower border of the bullish channel. 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 $82 per barrel. 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 74. Brent oil quotes should be expected to accelerate with the breakdown of the resistance area and the closing of the asset value above the level of 87, which will indicate a breakdown of the upper limit of the bearish correction channel .
Brent Crude Oil price Forecast for September 1, 2023 suggests an attempt to develop a correction and test the support level near the 85 area. Where should we expect a rebound upwards and continued growth of oil with a potential target near the level of 90. The cancellation of the option of raising quotes will be a fall and a breakdown of the area of 82. This will indicate a continued fall in the price of Brent with a potential target below the level of 74.
