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 64.80 dollars per barrel. Moving averages indicate a short-term bullish trend for oil. Prices have broken through the area between the signal lines, which indicates pressure from sellers. At the moment, we should expect an attempt to continue the decline and test the support level near the area of 62.95 dollars per barrel. Further, the continued growth of the oil rate in the region above the level of 69.15.
Brent Crude Oil Forecast and analysis January 16, 2020
An additional signal in favor of rising quotes and Brent oil prices will be the test of an upward trend line on the relative strength index (RSI), as we see, the indicator values have already pushed off this line. 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 57.65. Confirmation of the growth of quotes will be a breakdown of the resistance area and the closure of Brent prices above 66.05.
Brent Crude Oil Forecast and analysis January 16, 2020 suggests an attempt to test the support level near the area of 62.95. Further, continued growth with the goal above the level of 69.15. 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 57.65.
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