Brent continue to move in the framework of strong growth and an upward channel. At the time of the publication of the forecast, the price of Brent crude oil is $ 30.42 per barrel. Moving averages indicate a short-term bullish trend for oil. Prices have gone far up from the area between the signal lines, indicating pressure from Black Gold buyers. At the moment, we should expect an attempt to develop the correction and test the support level near the area of $ 26.55 per barrel. Further, the continued growth of the oil rate in the region above the level of 38.55.
Brent Crude Oil Forecast and analysis May 6, 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 ascending channel. Cancellation of the option of raising oil prices will be a fall in prices and a breakdown of the level of 24.55 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 19.55. A confirmation of the rise in quotes will be a breakdown of the trend line and closing of Brent prices above 32.55.
Brent Crude Oil Forecast and analysis May 6, 2020 suggests an attempt to test the support level near the 26.55 area. Further, the continuation of the rise with the target above the level of 38.55. 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 24.55. This will indicate a continued decline in quotations to the area below the level of 19.55.
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