Brent crude oil is trading at $ 50.80 a barrel. Quotes for Oil are traded below the moving average with a period of 55, indicating a bearish trend for Brent Oil. At the moment, Brent Oil quotes are testing the lower boundary of the Bollinger Bands indicator strip. It is worth waiting for the test of the average border of the Bollinger Bands indicator bars near the level of 51.50, from which one should expect an attempt to continue falling with the first target near the level of 49.30.
Bollinger Bands Brent crude oil Forecast on May 4, 2017
The conservative sales area is located near the upper boundary of the Bollinger Bands indicator strip at the level of 52.70. The abolition of the continuation of the fall of Brent Oil will be a breakdown of the moving average region with a period of 55, as well as the upper boundary of the indicator bands and the closing of oil quotes above the 53.70 area, indicating a change in the trend in favor of the bull on Brent Oil. In the event of a breakdown of the lower boundary of the indicator bars, we should expect the acceleration of Brent’s fall into the area below the level of 49.30.
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