Quotes of BRENT continue to move in the framework of the correction and the formation of the «Triangle» model. At the time of publication of the forecast, the price of BRENT oil is $ 71.00 per barrel. Moving averages indicate a short-term downward trend in oil. At the moment, we can expect an attempt to grow and test the resistance level near the area of 71.45 dollars per barrel. Further, the continuation of the fall of the oil in the area below 66.65.
BRENT Crude Oil Forecast and analysis May 16, 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 limit of the model «Triangle». Cancellation of the option to reduce oil prices will be a strong increase and the breakdown level of 73.15 dollars per barrel. This will indicate a breakdown of the resistance area and the continuation of the growth of quotations in the area above 75.55. Confirmation of a fall in quotations will be the breakdown of the support area and the closing of BRENT prices below 69.05.
BRENT Crude Oil Forecast and analysis May 16, 2019 imply an attempt to test the resistance level near the area of 71.45. Further, the continuation of the fall with the goal below 66.65. 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 73.15. This will indicate a continuation of the rise of quotations in the area above the level of 75.55.