Quotes BRENT crude oil ended the trading week at $ 56 per barrel, oil is still trading within the triangle forex pattern that points to the uncertainty in the market.
At the beginning of the new trading week, we can expect a tight test resistance area and attempt to drop a breakdown of the lower limit of forex triangle patterns that indicate a continued decline to below $ 50 per barrel.
Forecast oil prices on February 20, 2017 — February 24, 2017
In favor of a continuation of falling of quotations of oil appears tight test downward trend line on the indicator of relative strength. Cancellation option of continuing falling prices of oil will be strong growth and a break of resistance area with the closing match of quotations above $ 58 per barrel.
Among the important news that could affect the price of oil, is to provide, data on crude oil inventories from the US Department of Energy February 23, 2017.
Forecast oil prices on February 20, 2017 — February 24, 2017 suggests an attempt to fall within the beginning of mining forex triangle patterns with the potential to reduce the level below the area of $ 50 per barrel, the cancellation option will break-down model Triangle up.
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