BRENT complete the trading week near the area of $ 27.26 per barrel. And it continues to move in the framework of a strong fall and even left the descending 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 correction and test the resistance area near the level of 35.05. Then, a rebound and continued fall of oil to the area below the level of 13.05 dollars per barrel.
BRENT crude oil Forecast and Analysis March 23 — 27, 2020
An additional signal in favor of reducing 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 lower boundary of the downward channel. Cancellation of the option of falling quotes and BRENT oil prices on the trading week of March 23 — 27, 2020 will be a strong growth and a breakdown of the level of 40.55. This will indicate a breakdown of the resistance area and continued growth of oil in the area above the level of 50.05. With the breakdown of the support area and closing of quotes below the level of 25.05, we should expect confirmation of a fall in the price of BRENT oil.
BRENT crude oil Forecast and Analysis March 23 — 27, 2020 suggests an attempt to test the resistance area near the level of 35.05. Where should we expect a rebound and an attempt to drop oil with a potential target at 13.05. 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 growth and a breakdown of the 40.55 area. This will indicate a breakdown of the resistance area and a continued rise in oil prices with a target above 50.05.
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