Brent continue to move as part of the correction. At the time of the publication of the forecast, the price of Brent crude oil is $ 61.52 per barrel. Moving averages indicate a short-term downward trend in oil, but prices have broken through the signal line area, which indicates pressure from the bulls. At the moment, we should expect an attempt to grow and test the resistance level near the area of 62.15 dollars per barrel. Further, the continuation of the fall in the oil rate to the area below the level of 54.05.
Brent Crude Oil Forecast and analysis October 29, 2019
In favor of falling quotes and Brent oil prices, a test of the trend line on the relative strength index (RSI) will come out. The second signal will be a rebound from the upper boundary of the downward channel. Cancellation of the option of falling oil prices will be a strong growth and a breakdown of the level of 64.15 dollars per barrel. This will indicate a breakdown of the resistance area and continued growth of quotations in the area above the level of 67.55. A confirmation of the fall in quotes will be a breakdown of the support area and closing of Brent prices below 57.05.
Brent Crude Oil Forecast and analysis October 29, 2019 suggests an attempt to test the resistance level near the area of 62.15. Further, the continuation of the fall with the target below the level of 54.05. A test of the trend line on the relative strength index (RSI) will be in favor of the decline. Cancellation of the option to drop the price of Brent oil will be a strong growth and the breakdown of the level of 64.15. This will indicate a continued rise in quotations to the area above the level of 67.55.
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