Brent continue to move as part of the correction and the downward channel. At the time of the publication of the forecast, the price of Brent crude oil is $ 26.85 per barrel. Moving averages indicate a short-term lateral oil trend. Prices pierced the area between the signal lines up, which indicates pressure from buyers of «Black Gold». At the moment, we should expect an attempt to develop a fall and test the support level near the area of 25.35 dollars per barrel. Further, the continued growth of the oil rate in the region above the level of 37.05.
Brent Crude Oil Forecast and analysis May 5, 2020
An additional signal in favor of rising quotes and Brent oil prices will be a test of the trend line on the relative strength index (RSI). The second signal will be a rebound from the lower boundary of the Triangle model. Cancellation of the option of raising oil prices will be a fall in prices and a breakdown of the level of 22.05 dollars per barrel. This will indicate a breakdown of the support area and the continuation of the fall of BRENT quotes in the area below the level of 17.15. A confirmation of the rise in quotes will be a breakdown of the trend line and closing of Brent prices above the level of 29.15.
Brent Crude Oil Forecast and analysis May 5, 2020 suggests an attempt to test the support level near the area of 25.35. Further, the continuation of the rise with the target above the level of 37.05. 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 of the level of 22.05. This will indicate a continued decline in quotations to the area below the level of 17.15.
Looking for the Best Forex Broker? We trade at RoboForex. You can receive a rebates from each trade when registering using our partner link
