Quotes of BRENT continue to move within the correction and the downward channel. At the time of publication of the forecast, the price of BRENT oil is $ 70.36 per barrel. Moving averages indicate a short-term downward trend in oil. At the moment, we should expect an attempt to grow and test the resistance level near the area of 71.75 dollars per barrel. Further, the continuation of the fall of the oil in the region below the level of 67.65.
BRENT Crude Oil Forecast and analysis May 8, 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 a rebound from the upper boundary of the downward channel. Cancellation of the option of falling oil prices will be a strong increase and the breakdown level of 72.25 dollars per barrel. This will indicate a breakdown of the resistance area and continued growth of quotations in the area above the level of 73.95. Confirmation of the decline in quotations will be the breakdown of the support area and the closing of BRENT prices below the level of 68.75.
Among the important news that may have an impact on the BRENT oil rate, it is worth highlighting: United States Crude Oil Stocks Change.
BRENT Crude Oil Forecast and analysis May 8, 2019 imply an attempt to test the resistance level near the area of 71.75. Further, the continuation of the fall with the target below 67.65. 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 72.25. This will indicate a continuation of the rise of quotations to the area above the level of 73.95.
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