Quotes of BRENT continue to move in the framework of the correction and the formation of the «Triangle» model. At the time of the publication of the forecast, the price of BRENT oil is $ 70.88 per barrel. At the moment, we should expect an attempt to continue growth and test the resistance level near the area of 71.55 dollars per barrel. Further, the continuation of the fall of the oil in the region below the level of 68.10.
BRENT Crude Oil Forecast and analysis April 17, 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 limit of the model «Triangle». Cancellation of the option of falling oil prices will be a strong increase and the breakdown level of 72.35 dollars per barrel. This will indicate a breakdown of the upper limit of the model and the continuation of the growth of quotations in the area above 75.65. Confirmation of the fall in quotations will be the breakdown of the lower boundary of the «Triangle» model and the closing of BRENT prices below 69.55.
Among the important news worth highlighting, which may have a strong impact on the price of oil, it is worth highlighting: The change in US crude oil reserves from the EIA (United States Crude Oil Stocks Change).
BRENT Crude Oil Forecast and analysis April 17, 2019 involves an attempt to test the resistance level near the area of 71.55. Further, the continuation of the fall with the goal below the level of 68.10. A test of the trend line on the relative strength index (RSI) 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 72.35. This will indicate a continuation of the rise of quotations in the area above 75.65.
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