Brent continue to move as part of the growth and formation of the «Head and Shoulders» reversal pattern. At the time of the publication of the forecast, the price of Brent crude oil is $ 61.60 per barrel. Moving averages indicate a short-term bullish trend for oil. Prices were able to break through the area between the signal lines up, which indicates pressure from sellers. At the moment, we should expect an attempt to grow and test the resistance level near the area of 62.45 dollars per barrel. Further, the continuation of the fall in the oil rate to the area below the level of 55.85.
Brent Crude Oil Forecast and analysis December 3, 2019
An additional signal in favor of falling quotes and Brent oil prices will be a test of a downward trend line on the relative strength index (RSI). The second signal will be the completion of the formation of the «Head and Shoulders» reversal pattern. Cancellation of the option of falling oil prices will be a strong growth and a breakdown of the level of 64.65 dollars per barrel. This will indicate a breakdown of the resistance area and continued growth of quotations in the area above the level of 68.65. A confirmation of the fall in quotes will be a breakdown of the support area and closing of Brent prices below 59.55.
Brent Crude Oil Forecast and analysis December 3, 2019 suggests an attempt to test the resistance level near the area of 62.45. Further, the continuation of the fall with the target below the level of 55.85. A downward test 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 the breakdown level of 64.65. This will indicate a continued rise in quotations to the area above the level of 68.65.