Quotes BRENT crude oil continues to trade near the area of a local maximum. At the moment, the structure of the movement of oil and quotations is the formation of Forex Triangle patterns. In the near future is expected to attempt to test the upper boundary and a penetration level of support and development of a downward movement in the framework of the beginning of working out such a model.
Analysis and forecast of oil prices BRENT on October 26, 2016
The purpose of the fall is the area on the level below 49 dollars per barrel. We continue to hold BRENT sell with a stop above the local maximum level. An additional signal in favor of the fall will test the descending trend line on the indicator of relative strength. Cancellation option will increase in quotes and strong oil prices above the level of 54 dollars per barrel, we can expect an attempt to continue its growth.
Analysis and forecast of oil prices BRENT on October 26, 2016 suggests an attempt to break the lower boundary of triangle forex pattern with a view to fall below the level of 49 dollars per barrel.
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