Brent continue to move as part of the correction and the beginning of the development of the ”Triangle” model. At the time of the publication of the forecast, the price of Brent crude oil is $ 66.73 per barrel. Moving averages indicate a short-term bullish trend for oil. Prices have broken down the area between the signal lines, which indicates pressure from buyers of “Black Gold” and a potential continuation of the rise in the value of the asset already from the current levels. At the moment, we should expect an attempt to develop a bullish correction and a test of the resistance level near the area of $ 68.55 per barrel. Further, the continuation of the fall in the oil rate to the area below the level of 60.75.
Brent Crude Oil Forecast and analysis March 19, 2021
An additional signal in favor of a decline in quotations and prices for Brent oil will be a test of the trend line on the relative strength index (RSI). The second signal will be a rebound from the lower border of the ”Triangle” pattern. Cancellation of the option of falling oil prices will be a strong growth and a breakdown of the level of $ 70.55 per barrel. This will indicate a breakdown of the resistance area and a continued rise in BRENT quotes to the area above the level of 73.55. Confirmation of the fall in quotations will be the breakdown of the support level and the closing of Brent prices below the level of 65.05.
Brent Crude Oil Forecast and analysis March 19, 2021 imply an attempt to below the resistance level near the 68.55 area. Further, the continuation of the fall with the target below the level of 60.75. 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 a breakdown of the level of 70.55. This will indicate a continued rise in quotations to the area above the level of 73.55.
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