BRENT complete the trading week near the area of 28.15 dollars per barrel. And continues to move in the fall. 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 33.05. Then, a rebound and continued fall of oil to the area below the level of 14.05 dollars per barrel.
BRENT crude oil Forecast and Analysis March 30 — April 3, 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 in the trading week of March 30 — April 3, 2020 will be a strong growth and the breakdown level of 42.55. 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 quotations below the level of 24.05, we should expect confirmation of a fall in the price of BRENT oil.
BRENT crude oil Forecast and Analysis March 30 — April 3, 2020 implies an attempt to test the resistance area near the level of 33.05. Where should we expect a rebound and an attempt to drop oil with a potential target at 14.05. 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 42.55 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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