BRENT complete the trading week near the region of 65.17 dollars per barrel. And it continues to move within the framework of the upward correction and the formation of the «Triangle» model. Moving averages indicate a downward trend, but prices have pierced the area between the signal lines up, which indicates pressure from buyers. At the moment, we should expect an attempt to continue the development of growth and test the resistance area near the level of 68.05. Then, the rebound and the beginning of the fall of oil in the region below the level of 47.05 dollars per barrel.
BRENT crude oil Forecast and Analysis January 13 — 17, 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 «Triangle» model. Cancellation of the option of falling quotes and BRENT oil prices on the trading week January 13 — 17, 2020 will be a strong growth and a breakdown of the level of 73.05. This will indicate a breakdown of the upper boundary of the Triangle model and continued growth of oil in the region above the level of 76.55. With the breakdown of the support area and the closing of quotations below 59.65, we should expect confirmation of a decrease in BRENT oil prices.
BRENT crude oil Forecast and Analysis January 13 — 17, 2020 implies an attempt to test the resistance area near the level of 68.05. Where should we expect a rebound and an attempt to drop oil with a potential target at 47.05. 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 the breakdown of the area of 73.05. 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 76.55.