Brent is trading at $90.37 per barrel and is moving within the framework of growth and the formation of the “Triangle” pattern. Oil is moving above the top 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 13, 2023, a bullish 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 near level 89. 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 $96 per barrel.
Brent Crude Oil price Forecast for September 13, 2023
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 Triangle pattern. Previously, a weak signal was received for buying Brent Oil. The signal was formed due to the intersection of signal lines at level 83.
Cancellation of the option of rising Oil prices tomorrow will be a fall in prices and a breakdown of the lower boundary of the Cloud of the Ichimoku Kinko Hyo indicator with the closing of quotes below the area of 85 dollars per barrel. In this case, we should expect a change in the bullish trend in favor of a bearish trend and a continuation of the price fall to the area below the level of 75. We can expect an acceleration in the growth of Brent oil prices with the breakdown of the resistance area and the closing of the asset price above the level of 91, which will indicate a breakdown of the upper boundary of the “Triangle” model ” and the beginning of working out a pattern with targets at the top.
Brent Crude Oil price Forecast for September 13, 2023 assumes an attempt to develop a correction and test the support level near the 89 area. Where can we expect a rebound upward and continued growth of oil with a potential target near the level of 96. The cancellation of the option to raise quotes will be a fall and a breakdown of the 85 area This will indicate a continued fall in the Brent price with a potential target below 75.