BRENT continue to move within the correction and the downward channel. At the time of the publication of the forecast, the price of BRENT oil is $ 62.42 per barrel. Moving averages indicate a short-term downward trend in oil. At the moment, we should expect an attempt to continue the correction and test the resistance level near the area of 65.05 dollars per barrel. Further, the continuation of the fall of the oil in the area below the level of 56.05.
BRENT Crude Oil Forecast and analysis June 12, 2019
In favor of the fall in quotations and prices for oil BRENT will test a downward trend line on the indicator of relative strength index (RSI). The second signal will be a rebound from the upper boundary of the downward channel. Cancellation of the option to reduce oil prices will be a strong increase and the breakdown level of 66.95 dollars per barrel. This will indicate a breakdown of the resistance area and continued growth of quotations in the area above the level of 69.85. Confirmation of a fall in quotations will be the breakdown of the support area and the closing of BRENT prices below 59.45.
Among the important news that can have a strong impact on oil prices, it is worth highlighting: United States Crude Oil Stocks Change.
BRENT Crude Oil Forecast and analysis June 12, 2019 imply an attempt to test the resistance level near 65.05. Further, the continuation of the fall with the goal below the level of 56.05. The trend line test 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 66.95. This will indicate a continuation of the rise of quotations in the area above the level of 69.85.