BRENT complete the trading week near the area of 57.30 dollars per barrel. And it continues to move in the framework of the fall and the bearish 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 bullish correction and a test of the resistance area near the level of 60.35. 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 3 — 7, 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 ascending channel. Cancellation of the option of falling quotes and BRENT oil prices on the trading week February 3 — 7, 2020 will be a strong growth and the breakdown level of 67.05. 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 72.05. With the breakdown of the support area and the closing of quotations below 52.05, we should expect confirmation of a decrease in BRENT oil prices.
BRENT crude oil Forecast and Analysis February 3 — 7, 2020 implies an attempt to test the resistance area near the level of 60.35. 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 67.05. 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 72.05.
