Brent continue to move as part of the correction and the formation of the “Triangle” pattern. At the time of the publication of the forecast, the price of Brent crude is $ 51.25 per barrel. Moving averages indicate a short-term bullish trend for oil. Prices are bouncing from the area between the signal lines, which indicates pressure from buyers of “Black Gold” and a potential continuation of the rise in the value of the asset 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 $ 51.05 per barrel. Further, the continuation of the rise in the oil rate to the area above the level of 53.95.
Brent Crude Oil Forecast and analysis December 31, 2020
An additional signal in favor of the growth of quotations and prices for Brent oil will be a test of the trend line on the relative strength index (RSI). The second signal will be a rebound from the lower border of the “Triangle” pattern. Cancellation of the option to raise oil prices will fall and a breakdown of the level of 49.85 dollars per barrel. This will indicate a breakdown of the support area and a continued fall in BRENT quotes to the area below the level of 47.05. Confirmation of the growth of quotations will be the breakdown of the resistance level and the closing of Brent prices above the level of 52.45, which will indicate a breakdown of the upper border of the “Triangle” model.
Brent Crude Oil Forecast and analysis December 31, 2020 therefore suggests an attempt to below support near 51.05 area. Further, continued growth with a target above the level of 53.95. A test of the trend line on the relative strength index (RSI) will be in favor of the rise. Cancellation of the growth option for Brent oil will be a fall and a breakdown of the level of 49.85. This will indicate a continued decline in quotations to the area below the level of 47.05.
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