Quotes of BRENT crude oil close the trading week near the area of $ 72.55 per barrel. It is worth waiting for an attempt to test the upper boundary of the bullish channel near the level of 73.00 and the beginning of the fall of oil in the area below $ 61.00 per barrel as part of the development of the reversal model «Double Top».
BRENT crude oil forecast April 16 — 20, 2018
An additional signal in favor of falling oil quotes will be a test of the resistance line on the indicator of relative strength index (RSI). The cancellation of the variant of falling quotes and prices for BRENT oil in the current trading week will break down the level of 75.00, which will indicate the breakdown of the upper boundary of the channel and the continuation of oil growth in the area above the level of 80.00. With the breakdown of the bullish trendline and the closing below the level of 66.50, one should expect confirmation of a fall in the price of oil in the current trading week.
BRENT crude oil forecast April 16 — 20, 2018 suggests a resistance test near the 73.00 level, from which one should expect a rebound and an attempt to continue falling oil with a potential target at 61.00, an additional signal in favor of a fall in the price of oil will be a test of the trend line at indicator of relative strength, the cancellation of the fall option will be strong growth and breakdown of the support area of 72.50.