Brent continue to move as part of the fall and the formation of the bullish «Wolfe Wave» pattern. At the time of the publication of the forecast, the price of Brent crude oil is $ 51.99 per barrel. Moving averages indicate a short-term bearish trend for oil. However, they went far down from the area between the signal lines, which indicates pressure from the sellers of Black Gold. At the moment, we should expect an attempt to develop a correction and test the support level near the area of 50.15 dollars per barrel. Further, the continued growth of the oil rate in the region above the level of 59.15.
Brent Crude Oil Forecast and analysis March 3, 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 lower border of the bullish «Wolfe Wave» model. Cancellation of the option of rising oil prices will be a fall and a breakdown of the level of 46.95 dollars per barrel. This will indicate a breakdown of the support area and continued decline in quotations to the area below the level of 42.45. Confirmation of the growth of quotes will be a breakdown of the resistance line and closing of Brent prices above the level of 54.25.
Brent Crude Oil Forecast and analysis March 3, 2020 suggests an attempt to test the support level near the area of 50.15. Further, continued growth with a target above the level of 59.15. A test of the trend line on the relative strength index (RSI) will be in favor of the rise. Cancellation of the option to increase the price of Brent oil will be a fall and a breakdown level of 46.95. This will indicate a continued decline in quotations to the area below the level of 42.45.
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