Brent continue to move within the correction and upward channel. At the time of the publication of the forecast, the price of Brent crude oil is $ 55.46 per barrel. Moving averages indicate a short-term sideways trend for oil. Prices have broken the area between the signal lines up, 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 $ 54.95 per barrel. Further, the continuation of the rise in the oil rate to the area above the level of 60.55.
Brent Crude Oil Forecast and analysis February 2, 2021
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 of raising oil prices will be a fall and a breakdown of the level of $ 53.45 per barrel. This will indicate a breakdown of the support area and the continuation of the fall in BRENT quotes to the area below the level of 47.75. Confirmation of the growth of quotations will be the breakdown of the resistance level and the closing of Brent prices above the level of 57.05.
Brent Crude Oil Forecast and analysis February 2, 2021 suggests an attempt to below the support level near the 54.95 area. Further, continued growth with a target above the level of 60.55. 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 the Brent oil price will be a fall and a breakdown of the level of 53.45. This will indicate a continued decline in quotations to the area below the level of 47.75.
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