BRENT complete the trading week near the area of $ 67.02 per barrel. And it continues to move in 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 up, 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 68.15. Then the rebound and the beginning of the fall of oil in the region below the level of 50.45 dollars per barrel.
BRENT oil Forecast December 30, 2019 — January 3, 2020
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 BRENT quotes and oil prices in the trading week December 30, 2019 — January 3, 2020 will be a strong growth and the breakdown level of 69.35. This will indicate a breakdown of the upper border of the downward channel and continued growth of oil in the area above the level of 74.25. With the breakdown of the support area and the closing of quotations below 56.05, we should expect confirmation of a decrease in the price of BRENT oil.
BRENT oil Forecast December 30, 2019 — January 3, 2020 implies an attempt to test the resistance area near the level of 68.15. Where should we expect a rebound and an attempt to drop oil with a potential target of 50.45. 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 69.35 area. This will indicate a breakdown of the upper boundary of the downward channel and a continued rise in the price of oil with a target above 74.25.
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