Quotes of BRENT crude oil close the trading week near the area of 73.81 dollars per barrel. It is worth waiting for an attempt to test the upper boundary of the bullish channel near the level of 74.50 and the beginning of the fall of oil in the area below 62.00 dollars per barrel.
BRENT crude oil forecast May 7 — 11, 2018
An additional signal in favor of falling oil quotes in the current trading week will be a test of the resistance line on the indicator of relative strength index (RSI). The cancellation of the variant of falling quotations and prices for BRENT oil in the current trading week will make a breakthrough level of 77.50, which will indicate the breakdown of the upper boundary of the channel and the continued growth of oil in the area above the level of 80.00. With breakdown of the lower border of the channel and closing below the level of 67.50, one should expect confirmation of a fall in the price of oil in the current trading week.
BRENT crude oil forecast May 7 — 11, 2018 suggests a resistance test near the level of 74.50, from which one should expect a rebound and an attempt to continue falling oil with a potential target at 62.00, an additional signal in favor of a fall in the oil price will be a test of the trend line at indicator of relative strength index (RSI), the cancellation of the fall option will be a strong growth and breakdown of the region of 77.50.
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