Brent continue to move as part of the correction and the formation of the bullish «Wolfe Wave» model. At the time of the publication of the forecast, the price of Brent crude oil is $ 29.93 per barrel. Moving averages indicate a short-term bearish trend for oil. Prices are testing the area between the signal lines, which indicates pressure from the sellers of Black Gold. At the moment, we should expect an attempt to develop a downward correction and a test of the support level near the area of $ 28.15 per barrel. Further, the continued growth of the oil rate in the region above the level of 34.05.
Brent Crude Oil Forecast and analysis April 15, 2020
An additional signal in favor of rising quotes and Brent oil prices will be an uptrend test on the relative strength index (RSI). The second signal will be a rebound from the lower boundary of the ascending model. Cancellation of the option of rising oil prices will be a fall in prices and a breakdown of the level of 25.95 dollars per barrel. This will indicate a breakdown of the support area and continued decline in quotations to the area below the level of 21.35. A confirmation of the growth of quotes will be a breakdown of the resistance area and closing of Brent prices above the level of 31.55, as we see, the bulls cannot break this area for the second time.
Brent Crude Oil Forecast and analysis April 15, 2020 suggests an attempt to test the support level near the area of 28.15. Further, continued growth with a target above the level of 34.05. A test of the trend line on the relative strength index (RSI) will be in favor of the rise. Cancellation of the option to increase the price of Brent oil will be a fall and a breakdown of the level of 25.95. This will indicate a continued decline in quotations to the area below the level of 21.35.
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