Brent continue to move within the fall and ascending channel. At the time of the publication of the forecast, the price of Brent crude oil is $ 64.69 per barrel. Moving averages indicate a short-term bullish trend for oil. Prices are bouncing up from the area between the signal lines, which indicates pressure from buyers of ”Black Gold” and a potential continuation of the growth of the asset value from the current levels. At the moment, we should expect an attempt to develop a bullish correction and a test of the resistance level near the area of $ 67.75 per barrel. Further, the continuation of the fall in the oil rate to the area below the level of 54.90.
Brent Crude Oil Forecast and analysis April 27, 2021
An additional signal in favor of reducing quotes and prices for Brent oil will be a test of the resistance line on the relative strength index (RSI). The second signal will be a rebound from the upper border of the ascending channel. Cancellation of the option of falling oil prices will be strong growth and a breakdown of the level of $ 71.25 per barrel. This will indicate a breakdown of the resistance area and a continued rise in BRENT quotes to the area above the level of 75.05. Confirmation of a fall in quotations will be a breakdown of the support level and closing of Brent prices below 61.25, which will indicate a breakdown of the lower border of the bullish channel.
Brent Crude Oil Forecast and analysis April 27, 2021 imply an attempt to below the resistance level near the 67.75 area. Further, the continuation of the fall with the target below the level of 54.90. A test of the trend line on the relative strength index (RSI) will be in favor of the decline. Cancellation of the option of falling Brent oil prices will be strong growth and a breakdown of the level of 71.25. This will indicate a continued rise in quotations to the area above the level of 75.05.
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