Brent crude Oil ends the trading week near the level of 86.89 dollars per barrel. Brent oil is trading above the upper boundary of the Ichimoku Kinko Hyo Cloud. This indicates a bullish trend in Oil. As part of the oil price forecast for the current trading week. A bearish correction is expected to develop and a test of the signal line area of the Ichimoku Kinko Hyo indicator is expected near the level of 85.65. Where can we expect an attempt to rebound upward and further growth in Oil with a target near the level of 95.05.
Brent Forecast April 1 — 5, 2024
An additional signal in favor of a rise in oil prices in the current trading week, April 1 – April 5, 2024, will be a test of the lower boundary of the bullish channel. The second signal will be a rebound from the support area on the price chart. Earlier, a weak signal was received for buying Brent oil. The signal was formed due to the intersection of signal lines at the level of 76.45. A strong support area on the oil chart is located at 83.25. Strong resistance on the chart is located at 89.05.
Cancellation of the growth option for Oil quotes will be a fall and a breakdown of the lower boundary of the Ichimoku Kinko Hyo Cloud with quotes closing below the 75.65 area. Which will indicate a change in the bullish trend in favor of a bearish trend and a continued fall in oil prices. Expect an acceleration in the growth of Brent oil quotes with a breakdown of the resistance area and closing prices above the level of 90.35.
Brent Forecast April 1 — 5, 2024 assumes an attempt to develop a correction to the level of 85.65. Where can we expect a rebound and continued growth of oil with a potential target near the level of 95.05. A test of the support level will be in favor of the rise. Cancellation of the growth option will be a fall and a breakdown of the 75.65 area. In this case, we should expect a continued decline in Brent quotes with a target below the 65.45 area.
Brent Forecast April 1 — 5, 2024 assumes an attempt to develop a correction to the level of 83.25. Where can we expect a rebound and continued growth of oil with a potential target near the level of 95.65. A test of the support level will be in favor of the rise. Cancellation of the growth option will be a fall and a breakdown of the area of 76.05. In this case, we should expect a continued decline in Brent quotes with a target below the 64.55 area.
