Quotes of BRENT crude oil continue to trade near the area of $ 51 per barrel. At the moment, we should expect an attempt to continue the decline in oil prices in the region below the level of 47 dollars. In favor of the drop, there is a rebound from the resistance line on the indicator of relative strength index (RSI).
Technical analysis & forecast crude oil on August 23, 2017
The abolition of the decline in oil prices will be a strong growth and breakdown of the local maximum area with the closing of quotes above level 54, which indicates a potential test of level 60. Expect the acceleration of the fall of BRENT is with the breakdown of the support area and with the closing of quotations below level 49. Tomorrow is also expected publication Data on stocks of crude oil from the Ministry of Energy.
Technical analysis & forecast crude oil on August 23, 2017 involves an attempt to continue falling oil prices with a target below $ 47 per barrel, the cancellation will break through the local maximum area.
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