Quotes of BRENT crude oil continue to move within the framework of the formation of the reversal model. At this point, we should expect an attempt to test a broken trend line near the level of 63. Further continuations in the fall area below level 58 as part of the development of the reversal model «Double Top».
BRENT crude oil technical analysis on December 1, 2017
In favor of falling quotes and oil prices, BRENT will test the downward trend line on the indicator of relative strength index (RSI). Expect the acceleration of the decline in BRENT is with the breakdown of the support area and the closure below 61. The abolition of the fall in oil prices will be a strong increase and a breakdown of 65 dollars per barrel, which will indicate the cancellation of the reversal pattern and the continued growth of oil.
BRENT crude oil technical analysis on December 1, 2017 presupposes an attempt to lower oil prices with a target below level 58 as part of the start of the development of the reversal model «Double Top», in favor of falling oil prices, a bearish trend line test on the relative strength index (RSI), the cancellation of the variant of the drop in the price of BRENT oil will be a breakdown at level 65, which will indicate the continued growth.
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