Quotes BRENT crude oil ended the trading week at $ 55.87 a barrel. Oil continues to trade in a model triangle and we can expect another attempt to test the upper boundary and early fall. With the breakdown of the lower boundary of the triangle pattern we can expect acceleration of falling oil quotations to below $ 50 per barrel.
BRENT Forecast on March 6, 2017 — March 10, 2017
In favor of the version of the fall of quotations and the price of oil will make a tight test of the descending trend line on the indicator of relative strength. Cancellation option will be the fall of quotations BRENT strong growth and the breakdown of the upper boundary of the model triangle that indicates an oil continued growth in the region above the level of 60 dollars per barrel.
Among the important news that could affect the price of oil, is to provide, data on crude oil inventories from the US Energy Department March 8, 2017.
BRENT Forecast on March 6, 2017 — March 10, 2017 suggests an attempt to break the lower boundary of the model Forex Triangle and falling prices of oil to below $ 50 per barrel, which will point to the continued reduction of development.
