Brent continue to move as part of the correction. At the time of the publication of the forecast, the price of Brent crude oil is $ 59.09 per barrel. Moving averages indicate a short-term bullish trend for oil. Prices push from the area between the signal lines, which indicates pressure from buyers of black gold. At the moment, we should expect an attempt to develop a decline and test the support level near the region of 57.15 dollars per barrel. Further, the continued growth of the oil rate in the region above the level of 64.75.
Brent Crude Oil Forecast and analysis February 21, 2020
An additional signal in favor of rising quotes and Brent oil prices will be an uptrend test on the relative strength index (RSI). The second signal will be a rebound from the lower boundary of the ascending channel. Cancellation of the option of raising oil prices will be a fall and a breakdown of the level of 56.65 dollars per barrel. This will indicate a breakdown of the support area and continued decline in quotations to the area below the level of 51.85. Confirmation of the growth of quotes will be a breakdown of the resistance area and closing of Brent prices above 59.75.
Brent Crude Oil Forecast and analysis February 21, 2020 suggests an attempt to test the support level near the area of 57.15. Further, continued growth with the target above the level of 64.75. In favor of the rise will be a test of the ascending 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 56.65. This will indicate a continued decline in quotations to the area below the level of 51.85.
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