BRENT continue to move as part of the growth and formation of the «Wedge» model. At the time of the publication of the forecast, the price of BRENT oil is $ 65.05 per barrel. Moving averages indicate a short-term downward trend in oil. At the moment, we should expect an attempt to rise and test the resistance level near the area of 65.65 dollars per barrel. Further, the continuation of the fall of the oil in the region below the level of 57.45.
BRENT Crude Oil Forecast and analysis June 28, 2019
In favor of lowering quotations and prices for oil BRENT will perform a test of the downward trend line on the indicator of relative strength. The second signal will be a rebound from the upper boundary of the downward channel. Cancellation of the option of falling oil prices will be a strong increase and the breakdown level of 68.25 dollars per barrel. This will indicate the breakdown of the resistance area and the continuation of growth of quotations in the area above the level of 73.05. Confirmation of the decline in quotations will be the breakdown of the lower boundary of the «Wedge» model and the closing of the BRENT prices below 63.95.
BRENT Crude Oil Forecast and analysis June 28, 2019 imply an attempt to test the resistance level near 65.65. Further, the continuation of the decline with the goal below the level of 57.45. In favor of growth will make a test trend line on the indicator of relative strength. Cancellation of the option of falling oil prices BRENT will be a strong growth and the breakdown level of 68.25. This will indicate a continuation of the rise of quotations to the area above the level of 73.05.