Brent continue to move in line with the growth and left the descending channel. At the time of the publication of the forecast, the price of Brent oil is $ 42.67 per barrel. Moving averages indicate a short-term bearish trend for oil. However, prices have broken through the area between the signal lines up, which indicates pressure from buyers of “Black Gold” and a potential continuation of the rise in the value of the asset already from the current levels. At the moment, we should expect an attempt to develop a correction and a test of the support level near the area of $ 41.65 per barrel. Further, the continuation of the rise in the oil rate to the area above the level of 49.05.
Brent Crude Oil Forecast and analysis November 10, 2020
An additional signal in favor of the growth of quotations and prices for Brent oil will be a test of the broken trend line on the relative strength index (RSI). The second signal will be a rebound from the upper border of the descending channel. Cancellation of the option of raising oil prices will be a fall and a breakdown of the level of $ 36.35 per barrel. This will indicate a breakdown of the support area and a continuation of the fall in BRENT quotes to the area below the level of 27.05. Confirmation of the growth of quotations will be the breakdown of the resistance level and the closing of Brent prices above the level of 44.65.
Brent Crude Oil Forecast and analysis November 10, 2020 suggests an attempt to below support near 41.65 area. Further, continued growth with a target above the level of 49.05. A test of the trend line on the relative strength index (RSI) will be in favor of the rise. Cancellation of the growth option for Brent oil will be a fall and a breakdown of the level of 36.35. This will indicate a continued decline in quotations to the area below the level of 27.05.
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