Brent is trading at $93 per barrel and is moving within a correction and a downward channel. Oil moves inside the Ichimoku Kinko Hyo Cloud. This indicates the presence of a sideways trend for the instrument. As part of the oil price forecast for September 15, 2022, the development of a correction in the value of the asset and a test of the lower border of the Cloud of the Ichimoku Kinko Hyo indicator near the level of 90 are expected. Where should we expect an attempt to rebound upwards and continue to grow in the cost of Black Gold on world markets. The purpose of the rise in oil prices is the area near $105 per barrel.
Brent Crude Oil price Forecast September 15, 2022
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 upper border of the descending channel, which was broken up by buyers. Earlier, a weak signal was received for buying Brent Oil. The signal was formed due to the crossing of the signal lines at the level of 92.
Cancellation of the growth option for Oil quotes tomorrow will be a fall and a breakdown of the lower border of the Cloud of the Ichimoku Kinko Hyo indicator with quotes closing below $85 per barrel. In this case, we should expect a change in the bullish trend in favor of a downtrend and a continued fall in prices to the area below the level of 75. Expect an acceleration in the growth of Brent oil quotes with a breakdown of the resistance area and closing the value of the asset above the level of 97, which will indicate a breakdown of the upper hailstone of the reversal pattern ” Head and shoulders”.
Brent Crude Oil price Forecast September 15, 2022 suggests an attempt to decrease and test the support level near the area of 90. Where should we expect a rebound and continued growth of oil with a potential target near the level of 105. will indicate a continued decline in the price of Brent with a potential target below the level of 75.