BRENT complete the trading week near the area of 57.98 dollars per barrel. And it continues to move within the correction and the downward channel. Moving averages indicate a bearish trend. Prices again returned to the area between the signal lines, which indicates strong pressure from buyers of raw materials, but the potential for reduction remains. At the moment, we should expect an attempt to develop a correction and test the resistance area near the level of 60.75. Then, the rebound and the beginning of the fall of oil in the region below the level of 42.05 dollars per barrel.
BRENT crude oil Forecast and Analysis February 24 — 28, 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 upper boundary of the downward channel. Cancellation of the option of falling quotes and BRENT oil prices on the trading week February 24 — 28, 2020 will be a strong growth and the breakdown level of 67.45. This will indicate a breakdown of the upper boundary of the downward channel and continued growth of oil in the region above the level of 73.55. With the breakdown of the support area and the closing of quotations below the level of 50.05, we should expect confirmation of a decrease in the price of BRENT oil.
BRENT crude oil Forecast and Analysis February 24 — 28, 2020 suggests an attempt to test the resistance area near the level of 60.75. Where should we expect a rebound and an attempt to drop oil with a potential target at 42.05. 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 67.45. This will indicate a breakdown of the upper boundary of the downward channel and a continued rise in oil prices with a target above 73.55.
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