Brent continue to move as part of the growth and formation of the «Triangle» model. At the time of the publication of the forecast, the price of Brent crude oil is $ 63.74 per barrel. Moving averages indicate a short-term bullish trend for oil. Prices pierced the area between the signal lines up, which indicates pressure from buyers. At the moment, we should expect an attempt to continue the development of the correction and test the support level near the region of 62.35 dollars per barrel. Further, the continued growth of the oil rate in the region above the level of 70.05.
Brent Crude Oil Forecast and analysis December 6, 2019
An additional signal in favor of rising quotes and Brent oil prices will be a test of the broken trend line on the relative strength index (RSI). The second signal will be a rebound from the lower boundary of the «Triangle» model. Cancellation of the option of rising oil prices will be a fall and a breakdown of the level of 59.75 dollars per barrel. This will indicate a breakdown of the support area and a continued decline in quotations to the area below the level of 56.05. Confirmation of the growth of quotes will be a breakdown of the resistance area and closing of Brent prices above 65.05, which will indicate going beyond the model and accelerating the development of the upward movement.
Brent Crude Oil Forecast and analysis December 6, 2019 suggests an attempt to test the support level near the area of 62.35. Further, the continuation of the fall with the target below the level of 70.05. In favor of growth will be a test of the broken line on the relative strength index (RSI). Cancellation of the option to increase the price of Brent oil will be a fall and a breakdown level of 59.75. This will indicate a continued decline in quotations to the area below the level of 56.05.
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