BRENT finish the trading week near the area of $ 41.56 per barrel. And it continues to move within the correction and the upward channel. Moving averages indicate a bearish trend. Prices are again testing the area between the signal lines, which indicates pressure from commodity sellers and a potential continuation of the decline. At the moment, we should expect an attempt to develop a fall and a test of the support area near the level of 38.55. Then, a rebound and continued growth of oil to the area above the level of $ 58.25 per barrel.
BRENT crude oil Forecast October 26 — 30, 2020
An additional signal in favor of a 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 a rebound from the lower border of the ascending channel. Cancellation of the growth option for quotations and oil prices BRENT for the trading week of October 26 — 30, 2020 will be a fall and a breakdown of the level of 35.45. This will indicate a breakdown of the support area and a continued fall in oil to an area below the level of 27.55. With the breakdown of the resistance area and closing of quotations above the level of 49.25, we should expect confirmation of the growth in the BRENT oil price.
BRENT crude oil Forecast October 26 — 30, 2020 therefore suggests an attempt to test the support area near the 38.55 level. Where can we expect a rebound and an attempt to grow oil with a potential target at the level of 58.25. An additional signal in favor of a rise in oil prices will be a test of the trend line on the relative strength index (RSI). Cancellation of the growth option will be a fall in prices and a breakdown of the 35.45 area. This will indicate a breakdown of the support area and a continued decline in oil prices with a target below 27.55.
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