BRENT complete the trading week near the area of 41.29 dollars per barrel. And it continues to move in the framework of growth and the downward channel. Moving averages indicate a bearish trend. Prices are testing the area between the signal lines, indicating pressure from commodity sellers and a potential continuation of the fall. At the moment, we should expect an attempt to develop growth and test the resistance area near the level of 44.05. Then, a rebound and continued fall of oil to the area below the level of 23.55 dollars per barrel.
BRENT crude oil Forecast and Analysis June 8 — 12, 2020
An additional signal in favor of a drop in 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 upper boundary of the downward channel. Cancellation of the option of falling quotes and BRENT oil prices on the trading week June 8 — 12, 2020 will be a strong growth and a breakdown of the level of 50.55. This will indicate a breakdown of the resistance area and continued growth of oil in the area above the level of 60.05. With the breakdown of the support area and closing of quotations below the level of 35.65, we should expect confirmation of a fall in the price of BRENT oil.
BRENT crude oil Forecast and Analysis June 8 — 12, 2020 implies an attempt to test the resistance area near the level of 44.05. Where should we expect a rebound and an attempt to drop oil with a potential target at 23.55. 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 price increase and a breakdown of the area of 50.55. This will indicate a breakdown of the resistance area and a continued rise in oil prices with a target above 60.05.
Looking for the Best Forex Broker? We trade at RoboForex. You can receive a rebates from each trade when registering using our partner link
