Brent crude Oil ends the trading week near the level of 91.46 dollars per barrel. Brent crude is trading below the lower boundary of the Ichimoku Kinko Hyo Cloud. This indicates a bearish trend in Oil. As part of the oil price forecast for the current trading week. A correction is expected to develop and a test of the lower border of the Cloud of the Ichimoku Kinko Hyo indicator near the level of 96.25 is expected. Where should we expect an attempt to rebound down and further fall in Oil with a target near the level of 71.85.
Brent Prediction September 19 — 23, 2022
An additional signal in favor of falling oil prices in the current trading week for the week of September 19 — 23, 2022 will be a test of the upper border of the bearish channel. The second signal will be a rebound from the resistance 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 113.45. A strong support area on the oil chart is at 84.10. Strong resistance on the chart is located at the level of 97.45.
Cancellation of the option of falling oil quotes will be a strong growth and a breakdown of the upper boundary of the Ichimoku Kinko Hyo Cloud with quotes closing above the 114.55 area. Which will indicate a change in the bearish trend in favor of the bullish trend and continued growth in oil prices. Expect an acceleration in the fall of Brent oil quotes with a breakdown of the support area and closing prices below the level of 82.05, which will indicate a breakdown of the lower boundary of the descending channel, and this is a signal to fall on the width of the channel.
Brent Prediction September 19 — 23, 2022 suggests an attempt to develop a correction to the level of 96.25. Where should we expect a rebound and a continuation of the fall of oil with a potential target near the level of 71.85. A test of the resistance level will come out in favor of the decline. Cancellation of the fall option will be a strong growth and a breakdown of the area of 114.55. In this case, we should expect Brent to continue rising with a target above the 125.05 area.