Brent continue to move within the fall and the upward channel. At the time of the publication of the forecast, the price of Brent crude oil is $ 65.93 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 already from the current levels. At the moment, we should expect an attempt to develop a bearish correction and a test of the support level near the area of $ 65.50 per barrel. Further, the continued growth of the oil rate to the area above the level of 69.15.
Brent Crude Oil Forecast and analysis April 29, 2021
An additional signal in favor of the growth of quotations and prices for Brent oil will be a test of the support line on the relative strength index (RSI). The second signal will be a rebound from the upper border of the descending channel. Cancellation of the option of raising oil prices will be a fall and a breakdown of the level of $ 63.45 per barrel. This will indicate a breakdown of the support area and a continued fall in BRENT quotes to an area below the level of 57.25. A confirmation of the rise in quotes will be a breakdown of the resistance level and closing of Brent prices above the level of 67.15.
Brent Crude Oil Forecast and analysis April 29, 2021 imply an attempt below the resistance level near the 65.50 area. Further, the continuation of the fall with the target below the level of 69.15. A test of the trend line on the relative strength index (RSI) will be in favor of the decline. Cancellation of the option to drop the price of Brent oil will be a strong growth and a breakdown of the level of 63.45. This will indicate a continued rise in quotations to the area above the level of 57.25.
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