BRENT complete the trading week near the area of $ 27.92 per barrel. And it continues to move as part of the correction and the formation of the «Double Bottom» reversal pattern. Moving averages indicate a bearish trend. Prices pushed from the area between the signal lines, indicating strong pressure from sellers of raw materials. At the moment, we should expect an attempt to develop a fall and test the support area near the level of 22.05. Then, a rebound and continued growth of oil in the region above the level of $ 45.05 per barrel.
BRENT crude oil Forecast and Analysis April 20 — 24, 2020
An additional signal in favor of the rise in oil quotes this week will be the formation of a reversal model «Head and shoulders» on the relative strength index (RSI). The second signal will be a rebound from the lower boundary of the downward channel. Cancellation of the growth option for BRENT quotes and oil prices in the trading week April 20 — 24, 2020 will be a fall and a breakdown of the level of 18.05. This will indicate a breakdown of the support area and continued decline in oil to the area below the level of 10.55. With the breakdown of the resistance area and the closing of quotations above the level of 37.55, we should expect confirmation of rising BRENT oil prices.
BRENT crude oil Forecast and Analysis April 20 — 24, 2020 implies an attempt to test the support area near the level of 22.05. Where can we expect a rebound and an attempt to grow oil with a potential target of 45.05. An additional signal in favor of rising oil prices will be the formation of a reversal model on the relative strength index (RSI). Cancellation of the growth option will be a fall and a breakdown of the area of 18.05. This will indicate a breakdown of the support area and a continued fall in oil prices with a target below 10.55.
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