Brent continue to move as part of the fall. At the time of the publication of the forecast, the price of Brent crude oil is $ 62.53 per barrel. Moving averages indicate a short-term bullish trend for oil. Prices were able to break through the area between the signal lines, indicating pressure from sellers of black gold. At the moment, we should expect an attempt to develop a correction and a test of the resistance level near the area of 62.75 dollars per barrel. Further, the continuation of the fall in the oil rate to the area below the level of 55.95.
Brent Crude Oil Forecast and analysis January 23, 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 rising oil prices will be a fall and a breakdown of the level of 67.45 dollars per barrel. This will indicate a breakdown of the resistance area and continued growth of quotations in the area above the level of 70.85. A confirmation of the fall in quotes will be a breakdown of the support area and closing of Brent prices below 60.75.
Brent Crude Oil Forecast and analysis January 23, 2020 suggests an attempt to test the resistance level near the area of 62.75. Further, the continuation of the fall with the target below the level of 55.95. 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 67.45. This will indicate a continued rise in quotations to the area above the level of 70.85.
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