Quotes of BRENT continue to move within the bullish channel. At the moment, we should expect an attempt to test the upper border of the channel near the area of 79.00 dollars per barrel. Further, the continuation of the fall of oil in the area below the level of 74.50.
BRENT forecast & technical analysis May 16, 2018
In favor of falling quotations and prices for oil BRENT will test the resistance line on the indicator of relative strength index (RSI). The abolition of the fall in oil prices will be a strong growth and breakdown at 79.50 dollars per barrel, which will indicate the breakdown of the resistance level and the continuation of the growth of quotations in the area above the level of 82.50. To expect confirmation of the fall in the price of oil is with the breakdown of the support area and the closing below the level of 76.50.
BRENT forecast & technical analysis May 16, 2018 suggests an attempt to test the resistance level near the area of 79.00 and continue falling with a target below 74.50, the abolition of the variant of the drop in the price of BRENT oil will be a strong growth and breakdown at 79.50, which will indicate the continued growth of quotations in the area above the level of 82.50.