Quotes of BRENT complete the trading week near the region of 57.34 dollars per barrel. And it continues to move within a bullish correction. Moving averages indicate a bearish trend. At the moment, we should expect an attempt to grow and test the resistance area near the level of 62.50. Then the continuation of the fall of oil into the region below the level of 44.50 dollars per barrel.
BRENT crude oil forecast & analysis January 7 — 11, 2019
An additional signal in favor of falling oil prices this week will be a test of the trend line on the relative strength index (RSI). As well as a rebound from the upper limit of the descending channel. Cancellation of the option of falling prices and BRENT oil prices on the trading week of January 7 — 11, 2019 will be a strong growth and a breakdown of the level of 69.50. This will indicate a breakdown of the upper boundary of the channel and the continuation of oil growth in the region above 75.50. With the breakdown of the support area and closing below 51.50, we should expect confirmation of a fall in the BRENT oil price.
BRENT crude oil forecast & analysis January 7 — 11, 2019 implies an attempt to test the resistance area near the level of 62.50. Where can we expect a rebound and an attempt to drop oil with a potential target of 44.50. An additional signal in favor of reducing the price of oil will be a test of the trend line on the relative strength index (RSI). Cancellation of the fall option will be a strong growth and a breakdown of 69.50. This will indicate a breakdown of the resistance area and a continued rise in the price of oil.
