Brent continue to move in the framework of a strong fall and a downward channel. At the time of the publication of the forecast, the price of Brent crude oil is 51.01 dollars per barrel. Moving averages indicate a short-term bearish trend for oil. However, they went far down from the area between the signal lines, which indicates pressure from the sellers of Black Gold. At the moment, we should expect an attempt to develop the correction and test the resistance level near the area of 52.55 dollars per barrel. Further, the continuation of the fall in the oil rate to the area below the level of 47.25.
Brent Crude Oil Forecast and analysis February 28, 2020
An additional signal in favor of reducing 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 a rebound from the lower boundary of the ascending channel. Cancellation of the option of falling oil prices will be a strong growth and a breakdown of the level of 54.85 dollars per barrel. This will indicate a breakdown of the resistance area and continued growth of quotations in the area above the level of 57.65. A confirmation of the decline in quotes will be a breakdown of the support area and closing of Brent prices below the level of 50.05.
Brent Crude Oil Forecast and analysis February 28, 2020 suggests an attempt to test the resistance level near the area of 52.55. Further, the continuation of the fall with the target below the level of 47.25. In favor of the reduction will be a test of the downward line on the relative strength index (RSI). Cancellation of the option to drop the price of Brent oil will be a strong growth and the breakdown level of 54.85. This will indicate a continued rise in quotations to the area above the level of 57.65.
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