Quotes of BRENT continue to move in the framework of the correction and the formation of the «Triangle» model. At the time of the publication of the forecast, the price of BRENT oil is $ 72.29 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 72.45 dollars per barrel. Further, the continuation of the fall of the oil in the area below the level of 67.85.
BRENT Crude Oil Forecast and analysis May 17, 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 73.75 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 the fall in quotations will be the breakdown of the lower lightning of the Triangle model and the closing of the BRENT prices below 69.05.
BRENT Crude Oil Forecast and analysis May 17, 2019 imply an attempt to test the resistance level near the area of 72.45. Further, the continuation of the fall with a target below 67.85. 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 73.75. This will indicate a continuation of the rise of quotations in the area above the level of 75.55.