Quotes of BRENT crude oil continue to move within a bearish correction. At this point, we should expect a test of level 63 as part of the completion of the «Head and Shoulders» reversal pattern. Further continuation of the fall in the support area at $ 59 per barrel.
BRENT crude oil technical analysis on November 17, 2017
In favor of falling quotations and prices for oil BRENT will test the resistance line on the indicator of relative strength index (RSI). Expect the acceleration of the fall is with the breakdown of the level of the neckline of the reversal pattern and the closing below 60.50. The abolition of the fall in oil prices will be a strong increase and breakdown at $ 64 per barrel, which will indicate the reversal of the reversal pattern and the continuation of growth.
BRENT crude oil technical analysis on November 17, 2017 presupposes a test of level 63, from which one should expect a rebound and an attempt to continue falling with a target below level 59, in favor of falling oil prices is the trend line test on the indicator of relative strength, the drop in the price of BRENT oil will be a breakdown at level 64, which will indicate continued growth.
Looking for the Best Forex Broker? We trade at RoboForex. You can receive a rebates from each trade when registering using our partner link
