Quotes of BRENT continue to move as part of a decline. At the time of publication of the forecast, the price of BRENT oil is $ 59.81 per barrel. At the moment, we should expect an attempt to reduce and test the support level near the area of 56.50 dollars per barrel. Further, the continuation of the growth of the oil rate to the region above the level of 70.10.
BRENT Crude Oil Forecast and analysis January 16, 2019
In favor of the growth of quotations and prices for oil BRENT will test the trend line on the indicator of relative strength index (RSI). As well as the formation of an inverted model of «Head and Shoulders». The target of growth and development of such a model is the area above the level of 74.45. Cancellation options for rising oil prices will fall and the breakdown level of 52.50 dollars per barrel. This will indicate a breakdown of the support area and the continuation of the fall in quotations to the area below the level of 48.05. Confirmation of growth of quotations will be the breakdown of the area of resistance and the closing of prices on BRENT above the level of 62.70.
BRENT Crude Oil Forecast and analysis January 16, 2019 implies an attempt to test the support level near the area of 56.50. Further, the continuation of growth with a goal above 70.10. In favor of growth is the formation of the «Head and Shoulders» reversal pattern. The abolition of the BRENT oil price growth option will be a fall and a breakdown of the level of 52.50. This will indicate a continued decline in quotations to the area below the level of 48.05.