Brent continue to move as part of the correction and the upward channel. At the time of the publication of the forecast, the price of Brent crude oil is $ 62.56 per barrel. Moving averages indicate a short-term bullish trend for oil. However, prices have gone far from the signal lines, which indicates pressure from the bulls. At the moment, we should expect an attempt to correct and test the support level near the area of $ 59.70 per barrel. Further, the continued growth of the oil rate in the region above the level of 69.65.
Brent Crude Oil Forecast and analysis November 6, 2019
In favor of rising quotes and Brent oil prices, an uptrend test on the relative strength index (RSI) will come out. The second signal will be a rebound from the lower boundary of the ascending channel. Cancellation of the option of rising oil prices will be a fall and a breakdown of the level of 56.55 dollars per barrel. This will indicate a breakdown of the lower boundary of the rising channel and a continued fall in quotations to the area below the level of 50.05. Confirmation of the growth of quotes will be a breakdown of the resistance area and closing of Brent prices above 64.55.
Brent Crude Oil Forecast and analysis November 6, 2019 suggests an attempt to test the support level near the area of 59.70. Further, continued growth with the goal above the level of 69.65. A test of the support area 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 56.55. This will indicate a continued decline in quotations to the area below the level of 50.05.
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