Quotes of BRENT continue to move within the correction and the ascending channel. At the time of the publication of the forecast, the price of BRENT oil is 67.49 dollars per barrel. At the moment, we can expect an attempt to grow and test the resistance level near the area of 67.85 dollars per barrel. Further, the continuation of the fall of the oil in the area below 63.65.
BRENT Crude Oil Forecast and analysis March 28, 2019
In favor of the fall in quotations and prices for oil BRENT will test the downward trend line on the indicator of relative strength index (RSI). The second signal will be the formation of the «Head and Shoulders» reversal pattern. Cancellation of the option of falling oil prices will be a strong increase and the breakdown level of 68.95 dollars per barrel. This will indicate a breakdown of the resistance area and the continuation of the growth of quotations in the area above the level of 70.35. Confirmation of a decrease in quotations will be the breakdown of the support area and the closing of BRENT prices below 65.75.
BRENT Crude Oil Forecast and analysis March 28, 2019 imply an attempt to test the resistance level near 67.85. Further, the continuation of the fall with the target below 63.65. The test of the resistance line on the relative strength index (RSI) will be in favor of the fall. Cancellation of the option to reduce the price of oil BRENT will be a strong growth and the breakdown level of 68.95. This will indicate continued growth of quotations in the area above the level of 70.35.