Brent continues to move within a corrective and bullish channel. At the time of publishing the forecast, Brent crude oil was trading at $116.88 per barrel. The moving averages indicate a short-term bullish trend in oil. The price is rising from the area between the signal lines, which indicates pressure from "black gold" buyers and a potential continuation of the asset value that has grown from current levels. For now, we should expect an attempt to make a correction and test support around $103.65 per barrel. In addition, oil prices continue to rise to the area above 145.05.
Brent Crude Oil Forecast and Analysis March 11, 2022
Another signal in favor of higher quotes and Brent crude prices would be a test of the trend line of the Relative Strength Index (RSI). The second signal would be a bounce from the lower boundary of the bullish channel. The option to cancel the rise in oil prices would be a fall and a breakdown of the $95.05 per barrel level. This would indicate that the resistance zone is broken and Brent quotes continue to fall to the area below the 80.05 level. The breakdown of the resistance zone and the closing of the Brent crude oil price above the 127.05 level will confirm the rise of the offer.
Brent crude oil forecast and analysis for March 11, 2022 suggests trying to test the support level near 103.65. In addition, the oil price continues to grow with a target located above 145.05. Favorable rise of the asset will test the trend line of the Relative Strength Index (RSI). The option to cancel the rise in the price of Brent crude oil will be to fall and fall below the level of 95.05. This would indicate that the offer continues to fall to the area below the level of 80.05.