Brent crude Oil ends the trading week near the level of $83.45 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 and a test of the upper boundary of the Cloud of the Ichimoku Kinko Hyo indicator near the level of 80.05 are expected. Where can we expect an attempt to rebound upward and further growth in Oil with a target near the level of 95.75.
Brent Forecast March 11 — 15, 2024
An additional signal in favor of a rise in oil prices in the current trading week, week 11 – 15 March 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 80.05. Strong resistance on the chart is located at 86.45.
Cancellation of the option for the growth of Oil quotes will be a fall and a breakdown of the lower border of the Ichimoku Kinko Hyo Cloud with the closing of quotes below the area of 76.05. 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 85.05, which will indicate a breakdown of the upper boundary of the downward channel.
Brent Forecast March 11 — 15, 2024 assumes an attempt to develop a correction to the level of 80.05. Where can we expect a rebound and continued growth of oil with a potential target near the level of 95.75. 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 Brent quotes to continue to decline with a target below the 66.75 area.
