Quotes of BRENT continue to move in the growth and the ascending channel. At the time of the publication of the forecast, the price of BRENT oil is $ 71.44 per barrel. At the moment, we should expect an attempt to continue growth and test the resistance level near the area of 72.25 dollars per barrel. Further, the continuation of the fall of the oil in the area below 63.05.
BRENT Crude Oil Forecast and analysis April 16, 2019
In favor of the fall in quotations and prices for oil BRENT will test the resistance line on the indicator of relative strength index (RSI). The second signal will be a rebound from the upper boundary of the rising channel. Cancellation of the option of falling oil prices will be a strong increase and the breakdown level of 74.55 dollars per barrel. This will indicate a breakdown of the upper boundary of the channel and the continuation of the growth of quotations in the area above the level of 77.85. Confirmation of a fall in quotations will be the breakdown of the lower boundary of the rising channel and the closing of prices on BRENT below the level of 68.15.
BRENT Crude Oil Forecast and analysis April 16, 2019 imply an attempt to test the resistance level near the area of 72.25. Further, the continuation of the fall with a target below the level of 63.05. A test of the trend line on the relative strength indicator will be in favor of the decline. Cancellation of the option of falling oil prices BRENT will be a strong growth and the breakdown level of 74.55. This will indicate a continuation of the rise of quotations to the area above the level of 77.85.