So, here we go again with the brent crude oil forecast:
Scenario 1: Oil prices could reach highs of up to $83 a barrel, which represents a resistance level formed by the descending upper trendline.
Scenario 2: Oil prices could fall even lower to about $30 a barrel, which represents a 100% retracement of the previous wave. That level is also in the support zone formed by the previous lower lower.
My verdict: Price is going up to $80 a barrel
Scenario 1: Oil prices could reach highs of up to $83 a barrel, which represents a resistance level formed by the descending upper trendline.
Scenario 2: Oil prices could fall even lower to about $30 a barrel, which represents a 100% retracement of the previous wave. That level is also in the support zone formed by the previous lower lower.
My verdict: Price is going up to $80 a barrel