Brent continue to move within the correction and left the descending channel. At the time of the publication of the forecast, the price of Brent crude oil is $ 63.72 per barrel. Moving averages indicate a short-term bearish trend for oil. Prices are testing the area between the signal lines, which indicates pressure from sellers of “Black Gold” and a potential continuation of the fall in the value of the asset already from the current levels. At the moment, we should expect an attempt to develop a downward correction and a test of the support level near the area of $ 61.65 per barrel. Further, the continued growth of the oil rate to the area above the level of 71.25.
Brent Crude Oil Forecast and analysis March 30, 2021
An additional signal in favor of the growth of 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 upper border of the descending channel. Cancellation of the option of rising oil prices will be a fall and a breakdown of the level of 58.65 dollars per barrel. This will indicate a breakdown of the support area and a continued fall in BRENT quotes to an area below the level of 54.25. Confirmation of the growth of quotations will be the breakdown of the resistance level and the closing of Brent prices above the level of 65.35.
Brent Crude Oil Forecast and analysis March 30, 2021 imply an attempt to below the support level near the 61.65 area. Further, continued growth with a target above the level of 71.25. A test of the trend line on the relative strength index (RSI) will be in favor of the rise. Cancellation of the growth option for Brent oil will be a fall and a breakdown of the level of 58.65. This will indicate a continued fall in quotations to the area below the level of 54.25.
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