Quotes of oil BRENT brand showed a minor correction in the framework of the closing of the price gap. At the moment, there is the potential for another test area of the local maximum and the beginning of reduction of development. In favor of reducing the formation of topping comes forex head and shoulders pattern on the indicator of relative strength, as well as failure swing pattern that points to the breakdown of the support area at $ 55.70 per barrel with a potential drop to the lower boundary of the rising channel.
Forecast for the BRENT oil price on December 14, 2016
Cancellation option will be a strong increase in oil prices above the level of 58 dollars per barrel and increase the relative strength indicator values higher than 70. An additional signal in favor of the drop in oil prices will be a breakdown of the rising trend line on the indicator of relative strength, which points to a drop in prices below the level of 50 dollars per barrel.
Forecast for the BRENT oil price on December 14, 2016 assumes a dense field test 57 dollars per barrel and began to decline within the mining reversal pattern on the indicator of relative strength.