BRENT continue to move in the framework of the correction and the formation of the «Triangle» model. At the time of the publication of the forecast, the price of BRENT oil is $ 61.63 per barrel. Moving averages indicate a short-term bearish trend in oil. At the moment, we should expect an attempt to continue the correction and test the resistance level near the area of 63.55 dollars per barrel. Further, the continuation of the fall of the oil in the region below the level of 54.70.
BRENT Crude Oil Forecast and analysis June 19, 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 bearish channel. Cancellation of the option to reduce oil prices will be a strong increase and the breakdown level of 65.45 dollars per barrel. This will indicate a breakdown of the resistance area and continued growth of quotations in the area above the level of 68.65. Confirmation of a fall in quotations will be the breakdown of the lower boundary of the «Triangle» model and the closing of prices on BRENT below the level of 57.95.
Among the important news that may have an impact on the course of oil is worth highlighting: United States EIA United States Crude Oil Stocks Change.
BRENT Crude Oil Forecast and analysis June 19, 2019 imply an attempt to test the resistance level near 63.55. Further, the continuation of the fall with the target below the level of 54.70. 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 65.45. This will indicate a continuation of the rise of quotations in the area above the level of 68.65.
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