Quotes of BRENT oil finished the trading week at the level of 49.39 dollars per barrel. At the moment, quotes are testing the area of the lower border of the rising channel, we should expect an attempt to develop correction in the area above 51 dollars per barrel. In favor of the rebound is also the test of the support area on the indicator of relative strength.
BRENT Forecast oil prices for the week May 8 — 12, 2017
Near the level of $ 51 per barrel, you should expect a rebound and the continued drop in quotations and oil prices in the area below $ 45 per barrel. Presumably, the current structure of price movement is a reversal forex model of the Head and shoulders, which will indicate the continuation of the development of a downward movement in oil.
The abolition of the reduction of the quotations of BRENT oil will be a strong growth and breakdown of the region $ 57 per barrel, which will indicate the continuation of the upward trend. Expect to accelerate the fall of quotations is with the breakdown of the lower boundary of the rising channel.
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 10, 2017.
BRENT Forecast oil prices for the week May 8 — 12, 2017 suggests an attempt to correct the quotations in the region of the broken neckline and continue the decline with a potential target near the level of $ 45 per barrel, the breakdown will b
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