Quotes of BRENT oil finished the trading week at the level of 51.89 dollars per barrel. Oil continues to trade within the rising channel and at the moment there is a potential for rebound and growth of quotations in the region above the level of 53 dollars per barrel, where we can expect the continuation of the fall.
BRENT Forecast crude oil prices May 1 — 5, 2017
The reduction target is the area of the lower border of the rising channel at the level of $ 49 per barrel. Canceling the option will be a strong increase in oil prices and breakdown of the resistance area with the closing of quotations BRENT above the level of $ 55 per barrel, indicating that continued growth. Expect to accelerate the decline in quotations is the breakdown of the region of the tender border of the rising channel, which will indicate the completion of the upward movement and the beginning of a serious fall in oil prices.
Among the important news that could affect oil prices, it is worth highlighting, Data on crude oil reserves from the US Department of Energy on May 3, 2017.
BRENT Forecast crude oil prices May 1 — 5, 2017 suggests an attempt to correct 53 dollars per barrel to the region and continue the decline to the lower border of the rising channel at the level of $ 49 per barrel, the breakdown of the region will be $ 55 per barrel, which will indicate To continue the growth of oil.
Looking for the Best Forex Broker? We trade at RoboForex. You can receive a rebates from each trade when registering using our partner link
