BRENT complete the trading week near the region of 64.89 dollars per barrel. And it continues to move within the framework of the bullish correction and the downward channel. Moving averages indicate a downward trend, but prices have pierced the area between the signal lines, which indicates pressure from buyers. At the moment, we should expect an attempt to continue the development of growth and test the resistance area near the level of 65.25. Then a rebound and continued fall of oil to the area below the level of 52.55 dollars per barrel.
BRENT oil Forecast and Analysis December 16 — 20, 2019
An additional signal in favor of reducing oil quotes 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 upper boundary of the downward channel. Cancellation of the option of falling quotes and BRENT oil prices on the trading week December 16 — 20, 2019 will be a strong growth and a breakdown of the level of 69.25. This will indicate a breakdown of the upper boundary of the downward channel and continued growth of oil in the region above the level of 75.05. With the breakdown of the support area and the closing of quotations below 57.05, we should expect confirmation of a decrease in BRENT oil prices.
BRENT oil Forecast and Analysis December 16 — 20, 2019 suggests an attempt to test the resistance area near the level of 65.25. Where should we expect a rebound and an attempt to drop oil with a potential target of 52.55. An additional signal in favor of lowering the price of oil will be a test of the trend line on the relative strength index (RSI). Cancellation of the fall option will be a strong growth and a breakdown of the area of 69.25. This will indicate a breakdown of the upper boundary of the downward channel and the continued rise in oil prices with a target above 75.05.
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