Technical analysis & forecast crude oil on August 4, 2017


Quotes of BRENT crude oil continue to move within the bullish channel. At this time it is expected to continue the growth of quotations in the area above the level of 53 dollars per barrel and then continue the decline to the lower boundary of the channel.

Technical analysis & forecast crude oil on August 4, 2017

In favor of falling quotations and oil prices will form a reversal model of the «Head and Shoulders» on the indicator of relative strength index (RSI). The abolition of the reduction option will be the breakdown of area 54, which will indicate the continued growth of oil.

Technical analysis & forecast crude oil on August 4, 2017

Technical analysis & forecast crude oil on August 4, 2017 involves an attempt to rebound from the upper border of the channel to below the level of $ 49 per barrel, an additional signal will be the formation of the «Head and Shoulders» reversal pattern on the relative strength indicator.


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