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Brent oil price forecast for February 3, 2021

The support level for oil is the red slow line of the Ichimoku indicator, at $ 56.3. Brent oil quotes are above the Ichimoku cloud, which indicates an upward trend in oil.

The resistance level is the psychologically important level of $ 60 per barrel. If the Brent quotes are fixed above this mark, the forecast for the week will continue to be worked out with the goal of the oil rate exceeding $ 64 per barrel.

A short-term rollback to the support area is possible, which will be an additional signal of an imminent resumption of the upward trend in oil.

Brent oil price forecast for February 3, 2021

Data on US crude oil inventories is expected in the evening, so there may be increased volatility on the oil chart. For periods of more than 4 hours, the oil forecast will be developed within the framework of technical analysis.

Thus, the forecast for the oil rate for February 3 assumes a short-term rollback within the upward trend, the continued growth of the brent oil rate.

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