BRENT complete the trading week near the area of 50.13 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 fall and test the support area near the level of 46.55. Then, the rebound and the beginning of the development of oil correction in the region above the level of 65.05 dollars per barrel.
BRENT crude oil Forecast and Analysis March 2 — 6, 2020
An additional signal in favor of the growth of 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 support area. Cancellation of the growth option for BRENT quotes and oil prices in the trading week of March 2 — 6, 2020 will be a fall and a breakdown of the level of 45.05. This will indicate a breakdown of the support area and a continued fall in oil to the area below the level of 38.55. With the breakdown of the upper boundary of the downward channel and the closing of quotations above 53.45, we should expect confirmation of an increase in the price of BRENT oil.
BRENT crude oil Forecast and Analysis March 2 — 6, 2020 implies an attempt to test the support area near the level of 46.55. Where can we expect a rebound and an attempt to grow oil with a potential target of 65.05. 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 45.05. This will indicate a breakdown of the support area and a continued decline in oil prices with a target below 38.55.
