Brent crude Oil ends the trading week near the level of 87.16 dollars per barrel. Brent crude 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. Growth is expected to develop and test the area of signal lines of the Ichimoku Kinko Hyo indicator near the level of 85.55. Where should we expect an attempt to rebound upwards and further growth in Oil with a target near the level of 99.05.
Brent Forecast September 4 — 8, 2023
An additional signal in favor of rising oil prices in the current trading week for the week of September 4 — 8, 2023 will be a test of the lower limit 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 the sale of Brent oil. The signal was formed due to the crossing of signal lines at the level of 83.05. A strong support area on the oil chart is at 81.60. Strong resistance on the chart is located at the level of 89.55.
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 76.45 area. Which will indicate a change in the bullish trend in favor of the bearish trend and the continuation of the 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 91.55.
Brent Forecast September 4 — 8, 2023 suggests an attempt to develop a correction to the level of 85.55. Where should we expect a rebound and continued growth of oil with a potential target near the level of 99.05. In favor of the rise will be a test of the support level. Cancellation of the growth option will be a fall and a breakdown of the area of 76.45. In this case, we should expect a continued decline in Brent quotes with a target below the 66.05 area.
