Brent is trading at $88 per barrel and is moving as part of a fall and a downward channel. Oil is moving below the lower boundary of the Ichimoku Kinko Hyo Cloud. This indicates the presence of a bearish trend for the instrument. As part of the oil price forecast for September 9, 2022, 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 90. Where should we expect an attempt to rebound down and continue the fall in the value of Black Gold in world markets. The target of oil quotes reduction is the area near 76 dollars per barrel.
Brent Crude Oil price Forecast September 9, 2022
An additional signal in favor of falling Brent oil prices will be a test of the resistance 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 the sale of Brent Oil. The signal was formed due to the crossing of the signal lines at the level of 98.
Cancellation of the option to reduce oil quotes tomorrow will be a strong growth and a breakdown of the upper boundary of the Cloud of the Ichimoku Kinko Hyo indicator with quotes closing above the $100 per barrel area. In this case, we should expect a change in the downward trend in favor of a bullish trend and continued price growth to the area above the level of 110. It is worth expecting an acceleration in the fall of Brent oil quotes with a breakdown of the support area and closing the value of the asset below the level of 85.
Brent Crude Oil price Forecast September 9, 2022 suggests an attempt to decrease and test the resistance level near the area of 90. Where should we expect a rebound and a continued fall in oil with a potential target near the level of 76. Cancellation of the option to reduce quotes will be a strong growth and a breakdown of the area of 100. This will indicate a continuation of the rise in the price of Brent with a potential target above the 110 level.