Brent continue to move within the fall and the downward channel. At the time of the publication of the forecast, the price of Brent crude oil is 57.52 dollars per barrel. Moving averages indicate a short-term bearish trend for oil. Prices are again pushing from the area between the signal lines, which indicates pressure from sellers of black gold. At the moment, we should expect an attempt to develop a correction and test the resistance level near the area of 60.25 dollars per barrel. Further, the continuation of the fall in the oil rate to the area below the level of 51.65.
Brent Crude Oil Forecast and analysis January 31, 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 upper boundary of the downward channel. Cancellation of the option of falling oil prices will be a fall and a breakdown of the level of 62.55 dollars per barrel. This will indicate a breakdown of the resistance area and continued growth of quotations in the area above the level of 65.95. A confirmation of the fall in quotes will be a breakdown of the support area and closing of Brent prices below 55.05.
Brent Crude Oil Forecast and analysis January 31, 2020 suggests an attempt to test the resistance level near the area of 60.25. Further, the continuation of the fall with the target below the level of 51.65. 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 Brent oil prices will be a strong growth and the breakdown level of 62.55. This will indicate a continued rise in quotations to the area above the level of 65.95.
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