Brent (Crude Oil): Long-Term And Medium-Term Forecast

The sideward movement has been lasting since the beginning of May. At this moment it looks like a correction of all decline from the June 2022 ( 125.2 level). Technically, I suppose the growth will stop in the nearest weeks and prices will start falling dramatically.

 

Long term chart

As we can see prices try to break out the line of long term channel . I think it is the important level and the movement can reverse from this place. If the movement can break out the channel and can hold above we will highly possibly see the next crucial target - 87 . We are now far away from this level 
Below we can see important levels breakthrough them will confirm the current forecast. 

(Click on image to enlarge)

 

Middle term chart

More detailed chart is matching with long term

(Click on image to enlarge)

In general, anticipated decline corresponds to fundamental factors. Looming recession , problems with liquidity will have a significant effect on prices . These issues have discussed many times many analysts and needless to repeat them 

Investors have reduced long positions to the lowest levels in a decade.

(Click on image to enlarge)

 

Conclusion

The growth has been lasting since May, considered as the correction of the long term downtrend . In the short term outlook we can see a slight grow but it will change nothing .
 

 


More By This Author:

Medium And Long-Term Forecast: Dollar Index And Euro Dollar
S&P500 And US Stock Market Forecast
Bitcoin Is On The Verge Of Collapse

Disclaimer: My opinion is provided as general market information and do not constitute investment advice

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