Quotes of BRENT continue to move as part of the formation of the «Triangle» model. At the time of the publication of the forecast, the price of BRENT oil is $ 65.78 per barrel. At the moment, we can expect an attempt to grow and test the resistance level near the area of 66.55 dollars per barrel. Further, the continuation of the fall of the oil in the region below the level of 60.25.
BRENT Crude Oil Forecast and analysis March 5, 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 a rebound from the upper boundary of the model «Triangle». Cancellation of the option of falling oil prices will be a strong increase and the breakdown level of 67.95 dollars per barrel. This will indicate a breakdown of the resistance area and continued growth of quotations to the area above the level of 72.55. Confirmation of the decline in quotations will be the breakdown of the lower boundary of the rising channel and the closing of the BRENT price below 63.75.
BRENT Crude Oil Forecast and analysis March 5, 2019 suggests an attempt to test the resistance level near 66.55. Further, the continuation of the fall with the goal below the level of 60.25. 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 67.95. This will indicate continued growth of quotations in the area above the level of 72.55.
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