Brent is trading at $98 per barrel and is moving within a correction and a bullish 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 2, 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 97 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 target of lowering oil prices is the area near $110 per barrel.
Brent Crude Oil price Forecast September 2, 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. 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 93.
Cancellation of the growth option for Oil quotes tomorrow will be a fall and a breakdown of the lower boundary of the Cloud of the Ichimoku Kinko Hyo indicator with quotes closing below the $95 per barrel area. In this case, we should expect a change in the bullish trend in favor of a downtrend and the price will continue to fall to the area below the level of 88. 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 102, which will indicate a breakdown of the upper boundary of the next downward channel.
Brent Crude Oil price Forecast September 2, 2022 suggests an attempt to decrease and test the support level near the area of 97. Where should we expect a rebound and continued growth of oil with a potential target near the level of 110. will indicate a continued decline in the price of Brent with a potential target below the level of 88.
