Brent continue to move in the framework of growth and the bearish channel. At the time of the publication of the forecast, the price of Brent crude oil is $ 55.92 per barrel. Moving averages indicate a short-term bearish trend for oil. Prices are testing the area between the signal lines, indicating pressure from black gold sellers. At the moment, we should expect an attempt to develop a decline and a test of the support level near the area of 53.45 dollars per barrel. Further, the continued growth of the oil rate in the region above the level of 63.85.
Brent Crude Oil Forecast and analysis February 13, 2020
An additional signal in favor of rising 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 formation of an inverted model «Head and Shoulders». Cancellation of the option of rising oil prices will be a fall and a breakdown of the level of 52.55 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 48.45. Confirmation of the growth of quotes will be a breakdown of the upper border of the downward channel and closing prices for Brent above the level of 59.05.
Brent Crude Oil Forecast and analysis February 13, 2020 suggests an attempt to test the support level near the area of 53.45. Further, continued growth with a target above the level of 63.85. In favor of the rise will be a test of the downward 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 of the level of 52.55. This will indicate a continued decline in quotations to the area below the level of 48.45.
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