Quotes of BRENT oil finished the trading week at the level of 51.86 dollars per barrel. At the moment, oil continues to move within the downward trend, it is worth expecting a tight test of the broken resistance area and continuing the fall in the area below the level of $ 48 per barrel.
Brent Forecast on March 20, 2017 — March 24, 2017
The breakdown of this area will indicate the continuation of the reduction in the region of the level of $ 42 per barrel as part of the development of the Forex Model Expanding Formation. Cancellation of the option will be a strong growth and breakdown of the resistance area with the closing of quotations of oil above the level of $ 54 per barrel, indicating a tight test area 55. In favor of continuing the decline will also test the downward trend line on the indicator of relative strength.
Among the important news that can affect oil prices, it is worth highlighting, Data on crude oil reserves from the US Department of Energy on March 22, 2017.
Brent Forecast on March 20, 2017 — March 24, 2017 involves an attempt to fall within the test of the resistance area near the level of 53 dollars per barrel, the target is to reduce the area at $ 48 per barrel.
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