Brent continue to move within the bullish correction and the downward channel. At the time of the publication of the forecast, the price of Brent crude oil is $ 39.92 per barrel. Moving averages indicate a short-term bearish trend for oil. Prices are again testing the area between the signal lines, which indicates pressure from the sellers of “Black Gold” and a potential continuation of the fall in the value of the asset already from current levels. At the moment, we should expect an attempt to continue the correction and test the support level near the area of $ 41.05 per barrel. Further, the continuation of the fall in the oil rate to the area below the level of 34.55.
Brent Crude Oil Forecast and analysis November 4, 2020
An additional signal in favor of the growth of quotations and prices for Brent oil will be a test of the 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 to reduce oil prices will be a strong growth and a breakdown of the level of $ 42.65 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 45.65. Confirmation of the fall in quotations will be the breakdown of the support level and the closing of Brent prices below 37.55.
Brent Crude Oil Forecast and analysis November 4, 2020 suggests an attempt to below support near 41.05 area. Further, continued growth with a target above the level of 34.55. 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 42.65. This will indicate a continued decline in quotations to the area below the level of 45.65.
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