BRENT continue to move in the fall and the bearish channel. At the time of the publication of the forecast, the price of BRENT oil is $ 60.74 per barrel. Moving averages indicate a short-term downward trend in oil. At the moment, we should expect an attempt of correction and a test of the resistance level near the area of $ 63.15 per barrel. Further, the continuation of the fall of the oil in the region below the level of 55.85.
BRENT Crude Oil Forecast and analysis June 5, 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 boundary of the downward channel. Cancellation of the option to reduce oil prices will be a strong increase and the breakdown level of 65.25 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 69.35. Confirmation of a fall in quotations will be the breakdown of the support area and the closing of BRENT prices below 59.35.
Among the important news that may have an impact on the price of oil, it is worth highlighting: United States Crude Oil Stocks Change EIA.
BRENT Crude Oil Forecast and analysis June 5, 2019 imply an attempt to test the resistance level near the 63.15 area. Further, the continuation of the fall with a target below 55.85. 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 65.25. This will indicate a continuation of the rise of quotations to the area above the level of 69.35.
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