Quotes BRENT crude oil continues to move through as part of the formation of a large reversal pattern Head and shoulders, to complete the model, we should expect a tight test 57.50 area. Where once again you can try to sell and wait for the fall of an attempt with the first target at the level of the area below 54 dollars per barrel.
Forecast oil prices on January 18, 2017
In favor of a bounce speaks tight test downward trend line on the indicator of relative strength. Cancellation option completion of the formation of topping model mill breakdown field of local maximum and the continued growth of quotations BRENT in the area above the level of 60 dollars per barrel, which will point to accelerate the development of an upward trend.
With the breakdown of the neckline and the closing quotations below $ 53 per barrel, is expected to continue falling to below 50 dollars.
Forecast oil prices on January 18, 2017 suggests an attempt to increase above the level of 57.60 in the framework of the completion of the formation of topping FX models.
