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 $ 71.06 per barrel. Moving averages indicate a short-term upward trend in oil. At the moment, we can expect an attempt to continue growth and test the resistance level near the area of 71.40 dollars per barrel. Further, the continuation of the fall of the oil in the area below 69.50.
BRENT Crude Oil Forecast and analysis April 19, 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». As you can see, quotes also left the ascending channel. Cancellation of the option of falling oil prices will be a strong increase and the breakdown level of 72.85 dollars per barrel. This will indicate a breakdown of the upper limit of the «Triangle» 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 border of the model and the closing of prices on BRENT below the level of 70.25. This will indicate the completion of the formation of the model and the acceleration of the fall in asset quotations.
BRENT Crude Oil Forecast and analysis April 19, 2019 implies an attempt to test the resistance level near the area of 71.40. Further, the continuation of the fall with a target below 69.50. 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 72.85. This will indicate a continuation of the rise of quotations in the area above 75.65.