Brent continue to move as part of the correction and formation of the «Wedge» model. At the time of the publication of the forecast, the price of Brent crude oil is $ 61.10 per barrel. Moving averages indicate a short-term lateral oil trend. However, prices broke through the area of signal lines, which indicates pressure from oil buyers. At the moment, we should expect an attempt to grow and test the resistance level near the area of 62.25 dollars per barrel. Further, the continuation of the fall in the oil rate to the area below the level of 53.75.
Brent Crude Oil Forecast and analysis October 31, 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 «Wedge» model. Cancellation of the option of falling oil prices will be a strong growth and a breakdown of the level of 64.65 dollars per barrel. This will indicate a breakdown of the resistance area and continued growth of quotations in the area above the level of 68.65. Confirmation of the drop in quotes will be a breakdown of the support area and closing of Brent prices below 57.65, which will indicate the completion of the formation of the «Wedge» model.
Brent Crude Oil Forecast and analysis October 31, 2019 suggests an attempt to test the resistance level near the area of 62.25. Further, the continuation of the fall with the target below the level of 53.75. 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 Brent oil prices will be a strong growth and the breakdown level of 64.65. This will indicate a continued rise in quotations to the area above the level of 68.65.
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