Quotes of BRENT continue to move as part of the correction and the formation of the downstream «Wolfe Wave» model. At the time of the publication of the forecast, the price of BRENT oil is $ 69.29 per barrel. At the moment, we can expect an attempt to grow and test the resistance level near the region of 70.15 dollars per barrel. Further, the continuation of the fall of the oil in the area below 64.85.
BRENT Crude Oil Forecast and analysis April 5, 2019
In favor of the fall in quotations and prices for oil BRENT will test the downward trend line on the indicator of relative strength index (RSI). The second signal will be a rebound from the upper border of the «Wolfe Wave» model. Cancellation of the fall in oil prices will be a strong increase and the breakdown level of 72.45 dollars per barrel. This will indicate a breakdown of the resistance area and continued growth of quotations in the area above the level of 74.45. Confirmation of the decline in quotations will be the breakdown of the support area and the closing of BRENT prices below the level of 68.75.
BRENT Crude Oil Forecast and analysis April 5, 2019 imply an attempt to test the resistance level near the 70.15 area. Further, the continuation of the fall with the goal below 64.85. The test of the resistance line on the relative strength indicator will be in favor of the fall. Cancellation of the option to reduce the price of oil BRENT will be a strong growth and the breakdown level of 72.45. This will indicate continued growth of quotations in the area above the level of 74.45.
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