Quotes of oil BRENT brands showed significant growth in April 2016 and were able to test the area at the level of 48 dollars per barrel. But now on the weekly chart, the price of oil relative strength indicator values pushed on the downtrend line, which suggests an attempt to continue the fall in oil prices in May 2016. The purpose of such a drop in prices, Brent may enter the area at the level of 30 dollars per barrel; it is here that will test the rising trend line on the indicator of relative strength. Cancellation option of falling oil prices BRENT will be the strongest price growth above the level of $ 55 in May 2016 a barrel.
BRENT oil prices FORECAST in May 2016
Also in the daily oil price projections, we noted that the descending pattern forming Wolfe waves, which imply a drop in prices in the Brent area at $ 40 per barrel, which supports the general thrust of the oil price, fall in May on the world markets. Thus, BRENT oil prices FORECAST in May 2016 suggests an attempt of a downward movement in the rebound from the trend line on the indicator of relative strength with the potential target at the level of below $ 30 per barrel.
Looking for the Best Forex Broker? We trade at RoboForex. You can receive a rebates from each trade when registering using our partner link