Quotes of BRENT oil finished the current trading month at the level of 53.67 dollars per barrel. Oil continues to move within the upward channel and at the moment there is still potential for continuing a slight increase in the area above the level of $ 56 per barrel, from which one should expect a fall attempt as part of the development of the reversal Forex model of the Head and shoulders model on the relative strength indicator.
Analysis and BRENT crude oil Forecast on April 2017
With the breakdown of the upward trend line on the indicator of relative strength, one should expect a strong fall in oil prices in the local minimum area, while the indicator values are higher, we should not exclude the attempt of rebound from this line at the moment of the test.
The potential goal of reducing oil prices in April 2017 is the area at $ 43 per barrel. Abolishing the option of reducing oil will be strong growth and breakdown of the upper boundary of the rising channel, which will indicate the formation of a strong signal in favor of purchases.
Analysis and BRENT crude oil Forecast on April 2017 involves an attempt to test the area 55-56 dollars per barrel and the beginning of the fall in the area below the level of 43 dollars as part of the development of the reversal model on the indicator of relative strength.
