Quotes of BRENT crude oil were able to penetrate the lower boundary of the «Triangle» model and continue to move in line with expectations and our forecast crude oil prices. At this point, we should expect an attempt to test the breached model boundary and continue the decline in the area below the level of $ 48 per barrel.
Technical analysis & forecast crude oil on August 30, 2017
In favor of falling quotations and prices for oil BRENT is the breakdown of the support line on the indicator of relative strength index (RSI). Abolition of the variant of falling oil prices will be a strong growth and breakdown of the region 53 dollars per barrel, which will indicate the continued growth of oil. To expect the acceleration of the fall is with the breakdown of the support level and the closing of quotations below the level of 50.
Technical analysis & forecast crude oil on August 30, 2017 suggests an attempt to continue falling oil prices in the region below the level of $ 48 per barrel, as part of the «Triangle» model, an additional signal is the breakdown of the support line on the indicator of relative strength index (RSI), level of 53 dollars per barrel.
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