Brent continue to move within the fall and ascending channel. At the time of the publication of the forecast, the price of Brent crude oil is $ 66.50 per barrel. Moving averages indicate a short-term bullish trend for oil. Prices are bouncing up from the area between the signal lines, which indicates pressure from buyers of ”Black Gold” and a potential continuation of the growth of the asset value from the current levels. At the moment, we should expect an attempt to develop growth and test the resistance level near the area of $ 68.45 per barrel. Further, the continuation of the fall in the oil rate to the area below the level of 61.15.
Brent Crude Oil Forecast and analysis May 20, 2021
An additional signal in favor of reducing quotes and prices for Brent oil will be a test of the resistance line on the relative strength index (RSI). The second signal will be a breakdown of the lower boundary of the bullish channel. Cancellation of the option of falling oil prices will be a strong growth and a breakdown of the level of $ 71.05 per barrel. This will indicate a breakdown of the resistance area and a continued rise in BRENT quotes to the area above the level of 62.55. Confirmation of the fall in quotations will be the breakdown of the support level and the closing of Brent prices below 66.05.
Brent Crude Oil Forecast and analysis May 20, 2021 imply an attempt to test the resistance level near the 68.45 area. Further, the continuation of the fall with the target below the level of 61.15. A test of the trend line on the relative strength index (RSI) will be in favor of the decline. Cancellation of the option to drop the price of Brent oil will be a strong growth and a breakdown of the level of 71.05. This will indicate a continued rise in quotations to the area above the level of 62.55.
Looking for the Best Forex Broker? We trade at RoboForex. You can receive a rebates from each trade when registering using our partner link
