Brent continue to move in the framework of a strong fall and a downward channel. At the time of the publication of the forecast, the price of Brent crude oil is 36.77 dollars per barrel. Moving averages indicate a short-term bearish trend for oil. Prices have gone far down from the area between the signal lines, indicating pressure from the sellers of Black Gold. At the moment, we should expect an attempt to develop growth and test the resistance level near the area of 43.80 dollars per barrel. Further, the continuation of the fall in the oil rate to the area below the level of 22.25.
Brent Crude Oil Forecast and analysis March 10, 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 strong increase in prices and a breakdown of the level of 49.65 dollars per barrel. This will indicate a breakdown of the resistance area and continued growth of quotations in the area above the level of 54.05. A confirmation of the fall in quotes will be a breakdown of the support area and closing of Brent prices below the level of 30.05.
Brent Crude Oil Forecast and analysis March 10, 2020 suggests an attempt to test the resistance level near the area of 43.80. Further, the continuation of the fall with the target below the level of 22.25. A test of the trend line on the relative strength index (RSI) will be in favor of the decline. Cancellation of the option to drop the price of Brent oil will be a strong growth and the breakdown level of 49.65. This will indicate a continued rise in quotations to the area above the level of 54.05.
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