Quotes of Brent crude oil are traded at the level of 52.21 US Dollars per barrel. At the moment, quotes are testing the resistance area. It is worth waiting for an attempt to test the area of 52.90 US Dollars per barrel and the fall in oil prices in the support area at the level of 50.50 US Dollars per barrel. In case of breakdown of the support level, it is necessary to expect the continuation of the development of the fall of Brent crude oil with a target below the level 46.70 US Dollars per barrel.
Brent crude oil technical analysis on May 19, 2017
In favor of the decline is the formation of a reversal model on the MACD indicator. The abolition of the drop Brent crude oil prices will be a breakdown of the resistance level, indicating a potential test of the upper boundary of the descending channel at $ 54.00 per barrel. However, as the main option is to expect a test of the level of resistance and falling Brent crude oil quotations in the area below $ 50.50 per barrel.
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