Quotes of BRENT crude oil continue to move in a downward trend and at the moment quotes are close to the support area near the level of $ 50 per barrel. At this point, we should expect an attempt to correct the quotations of oil in the upper boundary of the descending channel and continue the decline with the breakdown of the level of $ 50 per barrel.
Analysis and BRENT forecast oil prices on March 14, 2017
In favor of continuing falling quotations and oil prices is a test of a broken support line on the indicator of relative strength. The cancellation of the variant of falling quotations will be a breakdown of the upper boundary of the descending channel with a close above the region of $ 54 per barrel, which will indicate the continued development of the upward correction for oil.
Analysis and BRENT forecast oil prices on March 14, 2017 involves an attempt to test the area 53 dollars per barrel, after which it is necessary to expect a breakdown of support near the level of $ 50 per barrel and acceleration of oil price decline.
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