BRENT complete the trading week near the area of 46.67 dollars per barrel. And it continues to move in the framework of a strong fall and a downward channel. 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 growth and test the resistance area near the level of 55.00. Then, a rebound and continued fall of oil to the area below the level of $ 31.65 per barrel.
BRENT crude oil Forecast and Analysis March 9 — 13, 2020
An additional signal in favor of a drop in 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 ascending channel. Cancellation of the option of falling quotes and BRENT oil prices on the trading week of March 9 — 13, 2020 will be a strong growth and a breakdown of the level of 59.55. This will indicate a breakdown of the resistance area and continued growth of oil in the area above the level of 66.45. With the breakdown of the support area and closing of quotations below the level of 44.05, we should expect confirmation of a fall in the price of BRENT oil.
BRENT crude oil Forecast and Analysis March 9 — 13, 2020 implies an attempt to test the resistance area near the level of 55.00. Where should we expect a rebound and an attempt to drop oil with a potential target of 31.65. 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 area of 59.55. This will indicate a breakdown of the resistance area and a continued rise in oil prices with a target above 66.45.
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