Brent continue to move within the growth and upward channel and the formation of the “Triangle” pattern. At the time of the publication of the forecast, the price of Brent crude oil is $ 45.47 per barrel. Moving averages indicate a short-term bullish trend for oil. Prices moved up from the area between the signal lines, 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 $ 44.10 per barrel. Further, the continuation of the rise in the oil rate to the area above the level of 49.60.
Brent Crude Oil Forecast and analysis November 24, 2020
An additional signal in favor of the growth of quotations and prices for Brent oil will be a test of the rising trend line on the relative strength index (RSI). The second signal will be a rebound from the lower border of the “Triangle” pattern. Cancellation of the option to raise oil prices will fall and a breakdown of the level of $ 41.95 per barrel. This will indicate a breakdown of the support area and a continued fall in BRENT quotes to an area below the level of 37.65. Confirmation of the growth of quotes will be the breakdown of the resistance level and the closing of Brent prices above the level of 46.85, which will indicate a breakdown of the upper border of the “Triangle” model and the beginning of the pattern.
Brent Crude Oil Forecast and analysis November 24, 2020 suggests an attempt to lower support near 44.10 area. Further, continued growth with a target above the level of 49.60. 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 41.95. This will indicate a continued decline in quotations to the area below the level of 37.65.
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