Brent continue to move within the beginning of growth and an upward channel. Here the ”Triangle” model is formed. At the time of the publication of the forecast, the price of Brent crude oil is $ 42.59 per barrel. Moving averages indicate a short-term bullish trend for oil. Prices have broken the area between the signal lines up, which indicates pressure from the sellers of ”Black Gold” and a potential continuation of the fall in the value of the asset already from the current levels. At the moment, we should expect an attempt at correction and a test of the support level near the area of $ 42.15 per barrel. Further, the continued growth of the oil rate to the area above the level of 46.45.
Brent Crude Oil Forecast and analysis September 29, 2020
An additional signal in favor of the growth of quotations 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 of the lower border of the ”Triangle” model. Cancellation of the option to raise oil prices will be a fall and a breakdown of the level of 40.35 dollars per barrel. This will indicate a breakdown of the support area and a continued fall in BRENT quotes to the area below 37.75. Confirmation of the growth of quotations will be a breakdown of the level resistance and closing of Brent prices above the level of 43.85, which will indicate a breakdown of the upper border of the ”Triangle” model.
Brent Crude Oil Forecast and analysis September 29, 2020 suggests an attempt to below support near 42.15 area. Further, continued growth with a target above the level of 46.45. A test of the trend line on the relative strength index (RSI) will be in favor of the rise. Cancellation of the growth option for the Brent oil price will be a fall and a breakdown of the level of 40.35. This will indicate a continued decline in quotations to the area below the level of 37.75.
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