Quotes of BRENT continue to move as part of the correction and the formation of the «Head and Shoulders» reversal pattern. At the time of the publication of the forecast, the price of BRENT oil is $ 72.12 per barrel. Moving averages indicate a short-term sideways trend in oil. At the moment, we should expect an attempt to continue growth and test the resistance level near the area of 72.75 dollars per barrel. Further, the continuation of the fall of the oil in the area below the level of 67.50.
BRENT Crude Oil Forecast and analysis May 2, 2019
In favor of the fall in quotations and prices for oil BRENT will test the resistance line on the indicator of relative strength index (RSI). The second signal will be the completion of 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 74.15 dollars per barrel. This will indicate a breakdown of the resistance area and continued growth of quotations to the area above the level of 76.45. Confirmation of a decrease in quotations will be the breakdown of the support area and the closing of BRENT prices below 69.75.
BRENT Crude Oil Forecast and analysis May 2, 2019 imply an attempt to test the resistance level near the area of 72.75. Further, the continuation of the fall with the target below the level of 67.50. 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 74.15. This will indicate a continuation of the rise of quotations in the area above the level of 76.45.
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