Brent crude Oil ends the trading week near the level of 84.87 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 and a test of the upper boundary of the Cloud of the Ichimoku Kinko Hyo indicator near the level of 82.15 are expected. Where can we expect an attempt to rebound upward and further growth in Oil with a target near the level of 96.05.
Brent Forecast March 18 — 22, 2024
An additional signal in favor of a rise in oil prices in the current trading week, the week of March 18 — 22, 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 95.70.
Cancellation of the growth option for Oil quotes will be a fall and breakdown of the lower boundary of the Ichimoku Kinko Hyo Cloud with quotes closing below the 75.45 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 87.65.
Brent Forecast March 18 — 22, 2024 assumes an attempt to develop a correction to the level of 82.15. Where can we expect a rebound and continued growth of oil with a potential target near the level of 96.05. 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 75.45 area. In this case, we should expect a continued decline in Brent quotes with a target below the 65.05 area.
