Brent continue to move within the correction and the upward channel, here the “Wedge” pattern is forming. At the time of the publication of the forecast, the price of Brent crude oil is $ 44.53 per barrel. Moving averages indicate a short-term bullish trend for oil. Prices are retesting the area between the signal lines, which indicates pressure from ”Black Gold” buyers and a potential continuation of the asset’s value growth. At the moment, we should expect an attempt to grow and test the resistance level near the area of $ 45.35 per barrel. Further, the continuation of the fall in the oil rate to the area below the level of 37.05.
Brent Crude Oil Forecast and analysis September 3, 2020
An additional signal in favor of lowering 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 49.65 dollars per barrel. This will indicate a breakdown of the resistance area and continued growth of BRENT quotes to the area above the level of 53.75. Confirmation of the fall in quotations will be the breakdown of the support level and the closing of Brent prices below 42.05, which will indicate a breakdown of the lower boundary of the “Wedge” model.
Brent Crude Oil Forecast and analysis September 3, 2020 implies an attempt to below the resistance level near the 45.35 area. Further, the continuation of the fall with the target below the level of 37.05. 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 49.65. This will indicate a continued rise in quotations to the area below the level of 53.75.
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