BRENT complete the trading week near the area of $ 31.69 per barrel. And it continues to move as part of the correction. Moving averages indicate a bearish trend. Prices are located far from the area between the signal lines, which indicates strong pressure from sellers of raw materials. At the moment, we should expect an attempt to develop a fall and test the support area near the level of 19.05. Then, a rebound and continued growth of oil in the region above the level of 46.55 dollars per barrel.
BRENT crude oil Forecast and May 18 — 22, 2020
An additional signal in favor of the rise in oil quotes this week will be a test of the support line on the relative strength index (RSI). The second signal will be the completion of the formation of the inverted «Head and Shoulders» model. The cancellation of the growth option for BRENT quotes and oil prices in the trading week of May 18 — 22, 2020 will be a fall and a breakdown of the level of 14.45. This will indicate a breakdown of the support area and continued decline in oil to the area below the level of 5.55. With the breakdown of the resistance area and the closing of quotations above 36.55, we should expect confirmation of an increase in the price of BRENT oil.
BRENT crude oil Forecast and May 18 — 22, 2020 implies an attempt to test the support area near the level of 19.05. Where should we expect a rebound and an attempt to grow oil with a potential target of 46.55. An additional signal in favor of rising oil prices will be the formation of a reversal model on the relative strength index (RSI). Cancellation of the growth option will be a fall and a breakdown of the area of 14.45. This will indicate a breakdown of the support area and a continued fall in oil prices with a target below 5.55.
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