BRENT crude oil Forecast and Analysis January 27 — 31, 2020


BRENT complete the trading week near the area of ​​$ 61.11 per barrel. And it continues to move in the framework of the fall and the downward channel. Moving averages indicate a bearish trend. Prices pierced the area between the signal lines down, indicating pressure from sellers of raw materials. At the moment, we should expect an attempt to continue growth and test the resistance area near the level of 64.35. Then, the rebound and the beginning of the fall of oil in the area below the level of 50.15 dollars per barrel.

BRENT crude oil Forecast and Analysis January 27 — 31, 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 January 27 — 31, 2020 will be a strong growth and a breakdown of the level of 71.25. 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 76.05. With the breakdown of the support area and the closing of quotations below 56.25, we should expect confirmation of a decrease in BRENT oil prices.

BRENT crude oil Forecast and Analysis January 27 — 31, 2020

BRENT crude oil Forecast and Analysis January 27 — 31, 2020 suggests an attempt to test the resistance area near the level of 64.35. Where should we expect a rebound and an attempt to drop oil with a potential target of 50.15. 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 ​​71.25. This will indicate a breakdown of the upper boundary of the downward channel and a continued increase in the price of oil with a target above 76.05.


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