BRENT complete the trading week near the area of 57.11 dollars per barrel. And it continues to move within the correction and the downward channel. Moving averages indicate a bearish trend. Prices went far from the area between the signal lines, indicating strong pressure from commodity sellers. At the moment, we should expect an attempt to develop a correction and test the resistance area near the level of 59.05. Then, the rebound and the beginning of the fall of oil in the area below the level of 44.75 dollars per barrel.
BRENT crude oil Forecast and Analysis February 17 — 21, 2020
An additional signal in favor of reducing oil quotes this week will be a test of the resistance 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 falling quotes and BRENT oil prices on the trading week of February 17 — 21, 2020 will be a strong growth and a breakdown of the level of 66.95. This will indicate a breakdown of the upper boundary of the downward channel and continued growth of oil in the area above the level of 72.75. With the breakdown of the support area and the closing of quotations below the level of 50.25, we should expect confirmation of a decrease in the price of BRENT oil.
BRENT crude oil Forecast and Analysis February 17 — 21, 2020 implies an attempt to test the resistance area near the level of 59.05. Where should we expect a rebound and an attempt to drop oil with a potential target of 44.75. An additional signal in favor of lowering the price of oil will be a test of the trend line on the relative strength index (RSI). Cancellation of the fall option will be a strong growth and a breakdown of the area of 66.95. This will indicate a breakdown of the upper boundary of the downward channel and a continued rise in the price of oil with a target above 72.75.
Looking for the Best Forex Broker? We trade at RoboForex. You can receive a rebates from each trade when registering using our partner link
