BRENT complete the trading week near the area of 34.94 dollars per barrel. And it continues to move in the framework of a strong fall and a downward channel. Moving averages indicate a bearish trend. Prices pushed from the area between the signal lines, indicating strong pressure from sellers of raw materials. At the moment, we should expect an attempt to develop a decline and test the support area near the level of 30.05. Then, a rebound and the beginning of oil growth in the region above the level of 55.65 dollars per barrel.
BRENT crude oil Forecast and Analysis March 16 — 20, 2020
An additional signal in favor of the rise in oil quotes this week will be a test of the support line on the relative strength index (RSI). The second signal will be a rebound from the lower boundary of the downward channel. The cancellation of the growth option for BRENT quotes and oil prices in the trading week of March 16 — 20, 2020 will be a fall and a breakdown of the level of 25.55. This will indicate a breakdown of the support area and a continued decline in oil to the area below the level of 15.05. With the breakdown of the resistance area and the closing of quotations above the level of 40.65, we should expect confirmation of rising BRENT oil prices.
BRENT crude oil Forecast and Analysis March 16 — 20, 2020 implies an attempt to test the support area near the level of 30.05. Where should we expect a rebound and an attempt to grow oil with a potential target of 55.65. An additional signal in favor of an increase in the price of oil will be a test of the trend line on the relative strength index (RSI). Cancellation of the growth option will be a fall and a breakdown of the area of 25.55. This will indicate a breakdown of the support area and a continued fall in oil prices with a target below 15.05.
Looking for the Best Forex Broker? We trade at RoboForex. You can receive a rebates from each trade when registering using our partner link
