Quotes of BRENT crude oil continue to move within the framework of the formation of the bearish wave model of Wolfe. It is worth waiting for an attempt to drop quotes below the level of $ 48 per barrel. In favor of the fall is the formation of the «Head and Shoulders» reversal model on the indicator of relative strength.
Technical analysis & forecast crude oil on July 18, 2017
From level 48, we should expect a rebound and an increase in quotations of oil above the level of $ 50 per barrel. The abolition of the growth option will be a fall and a level 46 breakdown, which will indicate the continuation of the decline in BRENT.
Technical analysis & forecast crude oil on July 18, 2017 suggests an attempt to reduce to the area of 48, from where it is expected to continue the growth of oil above the level of 50 as part of the completion of the Wolfe wave formation, in favor of oil growth, a test of the support line on the indicator of relative strength index (RSI) will perform.
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