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Analytics and forecast of oil prices Brent January 12, 2021

At the moment, the upward trend is developing within the channel, which gives us pivot points for predicting the rate of black gold for today, tomorrow and the next week.

The nearest resistance level for the gold rate will be the local maximum of 56.4.

There is no news on the crude oil market for today, therefore, until late at night, the trends on the brent crude oil chart will develop within the framework of technical analysis. Late at night, it will be 01.01, there will be data on crude oil reserves in the United States, which may affect brent oil quotes and forecast.

The trend for oil is ascending, quotes are located well above the Ichimoku cloud indicator. Also, Ichimoku signal lines are turned up.

Analytics and forecast of oil prices Brent January 12, 2021

Resistance levels are 56.3 and 59. Support levels are 54.7 (red signal line of the indicator) and 53 (lower border of the ascending channel).

We assume the possibility of a short-term rollback of Brent crude oil quotes to the support area, after which the upward movement will continue with the target of $ 59 per barrel. Cancellation of the forecast for brent will be the breakdown of the channel line from top to bottom.

Thus, the forecast for the brent rate for today, 01/12/2021, assumes a short-term drop in oil prices, followed by a significant increase.

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