BRENT crude oil complete the trading week near the area of 61.68 dollars per barrel. And it continues to move within the framework of the correction and the formation of a reversal pattern. Moving averages indicate a downward trend. At the moment, we should expect an attempt to fall and test the support area near the level of 57.50. Then continued growth of oil in the area above the level of 69.20 dollars per barrel.
BRENT crude oil Forecast and Analysis January 21 — 25, 2019
An additional signal in favor of raising quotations of oil this week will be a test of the trend line on the relative strength index (RSI). As well as the formation of the head and shoulders reversal pattern. Cancellation of the growth option prices and BRENT oil prices in the trading week of January 21 — 25, 2019 will be a fall and a breakdown of the level of 52.50. This will indicate a breakdown of the support area and a continued decline in oil to an area below 46.50. With the breakdown of the «Neckline» and the closing of quotations above 64.10, we should expect confirmation of growth in the price of oil BRENT.
BRENT oil Forecast and Analysis January 21 — 25, 2019 implies an attempt to test the support area near the level of 57.50. Where can we expect a rebound and an attempt to increase oil with a potential goal at 69.20. An additional signal in favor of raising the price of oil will be the test of the trend line on the indicator of relative strength index (RSI). Cancellation of the growth option will be the fall and the breakdown of the area 52.50. This will indicate a breakdown of the support level and a continued decline in the price of oil.
