Quotes of BRENT oil finished the trading week at the level of 51.47 dollars per barrel. Quotes of oil left the limits of the Forex Triangle model, which indicates a potential continuation of the fall in the area of the lower border of the rising channel near the region of $ 47 per barrel. Breakdown of this area will indicate the acceleration of the decline in the area below the level of $ 45 per barrel.
BRENT Forecast on March 13, 2017 — March 17, 2017
In favor of the option of decline is the breakdown of the upward trend line on the indicator of relative strength, we should expect a return to the broken line and the continuation of the decline. Also, do not forget about the development of the FOREX model of an expanding formation with a view to falling below 43 dollars per barrel.
The cancellation of the option of lowering quotations and oil prices could be the breakdown of the region at $ 55 per barrel. Among the important news that could affect the price of oil, it is worth highlighting, Data on crude oil reserves from the US Department of Energy on March 15, 2017.
BRENT Forecast on March 13, 2017 — March 17, 2017 suggests an attempt to continue falling to the lower boundary of the rising channel at $ 47 per barrel, with the breakdown of which it is expected to accelerate the decline to below 43 dollars per barrel.
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