Brent continue to move as part of the correction and the upward channel. At the time of the publication of the forecast, the price of Brent crude oil is $ 64.95 per barrel. Moving averages indicate a short-term bullish trend for oil. Prices are testing the area between the signal lines, which indicates pressure from buyers. At the moment, we should expect an attempt to reduce and test the support level near the area of 63.25 dollars per barrel. Further, the continued growth of the oil rate in the region above the level of 70.75.
Brent Crude Oil Forecast and analysis January 14, 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 rising oil prices will be a fall and a breakdown of the level of 60.55 dollars per barrel. This will indicate a breakdown of the support area and a continued decline in quotations to the area below the level of 58.05. Confirmation of the growth of quotes will be a breakdown of the resistance area and closing of Brent prices above 66.05.
Brent Crude Oil Forecast and analysis January 14, 2020 suggests an attempt to test the support level near the area of 63.25. Further, continued growth with the target above the level of 70.75. In favor of growth will be a test of the broken 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 60.55. This will indicate a continued decline in quotations to the area below the level of 58.05.