Quotes BRENT crude oil failed to break the uptrend line on the indicator of relative strength. At the moment, preserved potential for a fall of quotations in the area below the level of 52 dollars per barrel. But do not rule out an attempt to increase prices of oil above the level of 56 dollars per barrel in the framework of the completion of the formation of topping forex head and shoulders pattern that points to a reversal of the current trend.
Forecast BRENT oil price on December 16, 2016
Cancellation option of falling and forming a reversal pattern will be a strong growth BRENT quotes above the level of 58 dollars per barrel. Is expected to accelerate the fall of quotations and price is an oil with a yield of the rising channel’s lower border. Also do not forget about practicing forex model Expanding formation with the potential to reduce the level below the area of $ 42.
Forecast BRENT oil price on December 16, 2016 suggests an attempt correction to $ 56 within the framework of the completion of the right shoulder forming forex model head and shoulders, from which we can expect the beginning of falling BRENT prices.