BRENT oil quotes end the trading week near the area of 77.49 dollars per barrel. Moving averages indicate a bullish trend. Prices have broken through the area between the signal lines downwards, which indicates pressure from commodity sellers and a potential continuation of the fall from current levels. At the moment, we should expect an attempt to develop growth and test the resistance area near the level of 79.75. Then, it is worth considering a rebound downward and the continuation of the fall of oil to the area below the level of 59.65 dollars per barrel.
BRENT Forecast November 20 — 24, 2023
An additional signal in favor of a fall in oil prices this week will be a test of the resistance line on the relative strength index (RSI). The second signal will be a rebound from the lower boundary of the Head and Shoulders reversal pattern. Cancellation of the option of falling quotes and prices for BRENT oil in the trading week of November 20 — 24, 2023 will be a strong growth and a breakdown of the level of 88.95. This will indicate a breakdown of the resistance area and continued growth of oil to the area above the level of 94.65. With the breakdown of the support area and closing of quotes below the level of 76.05.
BRENT Forecast November 20 — 24, 2023 suggests an attempt to test the resistance area near the level of 79.75. Where can we expect a rebound and an attempt to continue the fall of oil with a potential target at 59.65. An additional signal in favor of a decline in oil prices will be a test of the trend line on the relative strength index (RSI). Cancellation of the fall option will be a strong price rise and a breakdown of the 88.95 area. This will indicate a breakdown of the resistance area and continued growth in oil prices with a target above the level of 94.65.
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