Quotes of BRENT continue to move in the framework of the decline and the downward channel. At the time of the publication of the forecast, the price of BRENT oil is $ 66.80 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 68.20 dollars per barrel. Further, the continuation of the fall of the oil in the area below the level of 62.70.
BRENT Crude Oil Forecast and analysis May 30, 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 the formation of the «Head and Shoulders» model. Cancellation of the option to reduce oil prices will be a strong increase and the breakdown level of 71.65 dollars per barrel. This will indicate a breakdown of the resistance area and continued growth of quotations to the area above the level of 73.45. Confirmation of a fall in quotations will be the breakdown of the support area and the closing of BRENT prices below 65.85.
BRENT Crude Oil Forecast and analysis May 30, 2019 imply an attempt to test the resistance level near the 68.20 area. Further, the continuation of the fall with the goal below the level of 62.70. 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 71.65. This will indicate a continuation of the rise of quotations to the area above the level of 73.45.
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