Quotes of BRENT continue to move in a strong fall and a downward channel. At the time of the publication of the forecast, the price of BRENT oil is $ 61.55 per barrel. Moving averages indicate a short-term downward trend in oil. At the moment, it is worth expecting an attempt to correct and test the resistance level near the area of 62.35 dollars per barrel. Further, the continuation of the fall of the oil in the area below 56.80.
BRENT Crude Oil Forecast and analysis June 4, 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 65.05 dollars per barrel. This will indicate a breakdown of the resistance area and continued growth of quotations in the area above the level of 68.55. Confirmation of a fall in quotations will be the breakdown of the support area and the closing of BRENT prices below 59.35.
BRENT Crude Oil Forecast and analysis June 4, 2019 imply an attempt to test the resistance level near the area of 62.35. Further, the continuation of the fall with a target below 56.80. 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 65.05. This will indicate a continuation of the rise of quotations in the area above the level of 68.55.
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