Quotes of BRENT crude oil continue to move within the framework of strong growth. At the moment, quotes are testing the resistance area and there is a potential for an attempt to rebound and fall oil prices in the area below the level of 51 dollars per barrel. In favor of the fall, a breakdown of the upward trend line will appear on the indicator of relative strength, which indicates the test of the local minimum area.
BRENT forecast crude oil prices on May 16, 2017
The abolition of the falling Brent crude oil will be a strong rise in quotations and oil prices with breakdown of the region above the level of 53 dollars per barrel, in this case it is necessary to expect a test of the upper boundary of the descending channel.
BRENT forecast crude oil prices on May 16, 2017 suggests an attempt to reduce the area below the level of 51 dollars per barrel as part of the rebound from the resistance area, the cancellation will be a breakdown at the level of 53 dollars per barrel, expect an acceleration in oil price decline with the breakdown of the rising trend line on the indicator of relative strength.
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