Brent continue to move as part of the correction and the formation of the “Triangle” pattern. At the time of the publication of the forecast, the price of Brent crude oil is $ 39.65 per barrel. Moving averages indicate a short-term bearish trend for oil. Prices have moved far below the area between the signal lines, which indicates pressure from sellers of “Black Gold” and a potential continuation of the fall in the value of the asset. At the moment, we should expect an attempt at a bullish correction and a test of the resistance level near the area of $ 40.05 per barrel. Further, the continuation of the fall in the oil rate to the area below the level of 36.05.
Brent Crude Oil Forecast and analysis September 16, 2020
An additional signal in favor of reducing quotes 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 of falling oil prices will be a strong growth and a breakdown of the level of $ 42.85 per barrel. This will indicate a breakdown of the resistance area and continued growth of BRENT quotes to the area above the level of 45.75. Confirmation of the fall in quotations will be a breakdown of the support level and closing of Brent prices below 37.95.
Brent Crude Oil Forecast and analysis September 16, 2020 suggests an attempt to below the resistance level near the 40.05 area. Further, the continuation of the fall with the target below the level of 36.05. 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 a breakdown of the level of 42.85. This will indicate a continued rise in quotations to the area below the level of 45.75.
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