Quotes of BRENT continue to move in the framework of a strong correction and the formation of the downward wave «Wolfe Wave». At the time of the publication of the forecast, the price of BRENT oil is $ 71.97 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 73.35 dollars per barrel. Further, the continuation of the fall of the oil in the area below the level of 67.15.
BRENT Crude Oil Forecast and analysis May 22, 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 descending Wolfe Wave model. Cancellation of the option to reduce oil prices will be a strong increase and the breakdown level of 74.75 dollars per barrel. This will indicate a breakdown of the resistance area and the continuation of the growth of quotations in the area above the level of 75.95. Confirmation of a fall in quotations will be a breakdown of the support area and closing prices for BRENT below the level of 71.05.
BRENT Crude Oil Forecast and analysis May 22, 2019 imply an attempt to test the resistance level near the 73.35 area. Further, the continuation of the fall with the goal below the level of 67.15. 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 74.75. This will indicate a continuation of the rise of quotations to the area above the level of 75.95.
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