Quotes of BRENT crude oil continue to be traded within the rising channel. At the moment, we should expect a test of the level of 55.60 and the continuation of growth in the area above the level of $ 58 per barrel. In favor of the growth of quotations and oil prices BRENT will test the upward trend line on the indicator of relative strength, as well as the formation of the reversal model of the «Head and Shoulders».
Brent prediction & technical analysis on October 16, 2017
Expect the acceleration of the growth of quotations is with the breakdown of the level of the line of the neck and the closing of quotations above the level of $ 57 per barrel. Abolition of the variant of oil price growth will be a fall and a breakdown of the level of 54.50 dollars per barrel, which will indicate the continuation of the decrease of BRENT below the level of 53.
Brent prediction & technical analysis on October 16, 2017 presupposes an attempt to test the level of 55.60 as part of the completion of the «Head and Shoulders» reversal pattern, in favor of rising oil quotes, an bullish trend test will be performed on the indicator of relative strength index (RSI), level 54.50, which indicates that the decline in quotations BRENT below the level of 52.
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