Brent Is Seen to Recover as it Dives to $80
Oil prices have been in a downtrend since March 2022. Brent crude prices have been descending since then and approaching the lows of the descending channel. However, an important support level at $80 has not been broken in the last 2 months, as prices rebounded every time they approach this margin. If look at the RSI with a period of 14 on H4 chart, we may see that Brent crude is clearly oversold. It seems prices are forming a rebound pattern from the $80 per barrel level. Technically, it might be a good entry point for a long position. Considering that there are no reversal signals at the moment, it would be better to wait for the price to enter the range of $78-80 per barrel to receive such a signal. The target price is at $88. If the support of $78 is broken through, then the price is likely to continue down towards $65 per barrel.
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