Brent continue to move as part of the growth and upward channel. At the time of the publication of the forecast, the price of Brent crude oil is 52.59 dollars per barrel. Moving averages indicate a short-term bearish trend for oil. However, the area between the signal lines is being blamed, which indicates pressure from the buyers of Black Gold, however, the risks of falling are still high. At the moment, we should expect an attempt to develop a correction and a test of the support level near the area of 52.05 dollars per barrel. Further, the continued growth of the oil rate in the region above the level of 57.15.
Brent Crude Oil Forecast and analysis March 4, 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 boundary of the ascending channel. Cancellation of the option of rising oil prices will be a fall and a breakdown of the level of 49.65 dollars per barrel. This will indicate a breakdown of the support area and a continued fall in quotations to the area below the level of 44.55. Confirmation of the growth of quotes will be a breakdown of the resistance line and the closure of Brent prices above 54.65.
Brent Crude Oil Forecast and analysis March 4, 2020 suggests an attempt to test the support level near the area of 52.05. Further, continued growth with a target above the level of 57.15. 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 49.65. This will indicate a continued decline in quotations to the area below the level of 44.55.
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