Quotes of BRENT oil continue to move within the descending channel and at the moment it is necessary to expect a tight test of the upper border of the channel near the region of $ 53 per barrel. From this level, there is a potential to see a rebound and continued decline in oil prices in the area below the level of 51 dollars per barrel.
Technical analysis & BRENT forecast on April 3, 2017
In favor of falling oil prices is a tight test of the resistance area on the indicator of relative strength. The abolition of the drop in the quotes of BRENT oil will be a breakdown of the upper boundary of the descending channel, which indicates that growth will continue to increase above the level of $ 55 per barrel.
Technical analysis & BRENT forecast on April 3, 2017 suggests an attempt to fall within the rebound from the upper boundary of the descending channel with the potential to reduce the area near the region 51 dollars per barrel.
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