Brent continue to move within the correction and left the upward channel. At the time of the publication of the forecast, the price of Brent crude oil is $ 63.60 per barrel. Moving averages indicate a short-term bullish trend for oil. Prices have broken through the areas between the signal lines downward, 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 bullish correction and a test of the resistance level near the area of $ 65.35 per barrel. Further, the continuation of the fall in the oil rate to the area below the level of 56.75.
Brent Crude Oil Forecast and analysis March 4, 2021
An additional signal in favor of a fall in 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 lower border of the ascending channel. Cancellation of the option of falling oil prices will be a strong growth and a breakdown of the level of 67.45 dollars per barrel. This will indicate a breakdown of the resistance area and continued growth of BRENT quotes to the area above the level of 72.15. Confirmation of the fall in quotations will be the breakdown of the support level and the closing of Brent prices below the level of 61.05.
Brent Crude Oil Forecast and analysis March 4, 2021 imply an attempt to below the resistance level near the 65.35 area. Further, the continuation of the fall with the target below the level of 56.75. A test of the trend line on the relative strength index (RSI) will be in favor of the fall. Cancellation of the option to drop the price of Brent oil will be a strong growth and a breakdown of the level of 67.45. This will indicate a continued rise in quotations to the area above the level of 72.15.
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