Quotes of BRENT crude oil continue to trade below the lower limit of the «Triangle» model. At this point, we should expect an attempt to test the broken model boundary and continue the decline to an area below the level of $ 49 per barrel.
Technical analysis & forecast crude oil on August 31, 2017
In favor of falling quotes and prices for oil BRENT is a test of the resistance 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 31, 2017 suggests an attempt to continue falling oil prices in the region below the level of $ 49 per barrel, as part of the «Triangle», an additional signal is the trend line test on the relative strength indicator, above the level of 53 dollars per barrel.
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