Quotes of BRENT continue to move as part of the correction and the formation of the bearish wave «Wolfe Wave». At the time of the publication of the forecast, the price of BRENT oil is $ 62.75 per barrel. At the moment, we can expect an attempt to grow and test the resistance level near the area of 63.75 dollars per barrel. Further, the continuation of the fall of the oil in the region below the level of 59.75.
BRENT Crude Oil Forecast and analysis February 5, 2019
In favor of lowering quotations and prices for oil BRENT will test the resistance line on the indicator of relative strength index (RSI). As well as the formation of a downward model. Cancellation of the option of falling oil prices will be a strong increase and the breakdown level of 64.25 dollars per barrel. This will indicate a breakdown of the resistance area and continued growth of quotations in the area above the level of 67.45. Confirmation of a fall in quotations will be the breakdown of the support area and the closing of BRENT prices below 60.65.
BRENT Crude Oil Forecast and analysis February 5, 2019 imply an attempt to test the resistance level near 63.75. Further, the continuation of the fall with the target below the level of 59.75. In favor of the fall will make a test line resistance. Cancellation of the option of falling oil prices BRENT will be a strong growth and the breakdown level of 64.25. This will indicate continued growth of quotations in the area above the level of 67.45.