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 $ 65.24 per barrel. Moving averages indicate the presence of a short-term bullish trend in oil, which is just beginning, as the signal lines have recently crossed. At the moment, we should expect an attempt to reduce and test the support level near the area of 61.35 dollars per barrel. Further, the continued growth of the oil rate in the region above the level of 74.70.
Brent Crude Oil Forecast and analysis September 20, 2019
In favor of rising quotes and Brent oil prices, a test of the support line 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 60.25 dollars per barrel. This will indicate a breakdown of the support area and a continued decline in quotations to the area below the level of 55.65. A confirmation of the growth of quotes will be a breakdown of the resistance area and closing of Brent prices above the level of 67.65.
Brent Crude Oil Forecast and analysis September 20, 2019 suggests an attempt to test the support level near the area of 61.35. Further, continued growth with the target above the level of 74.70. A test of the trend line 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 60.25. This will indicate a continued decline in quotations to the area below the level of 55.65.
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