BRENT crude oil technical analysis on December 7, 2017


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Quotes of BRENT crude oil continue to move within the framework of the formation of the reversal model «Double Top». At the moment, we should expect a test of the level 63.60. Further continuation of the fall in the area below the level of 58 as part of the development of the reversal model «Double Top».

BRENT crude oil technical analysis on December 7, 2017

In favor of falling quotations and oil prices, BRENT will perform a downward trend test on the indicator of relative strength index (RSI). Expect to accelerate the decline of BRENT is with the breakdown of the nearest support and closing below 62.15. The abolition of the fall in oil prices will be a strong growth and breakdown at the level of $ 65.50 per barrel, which will indicate the cancellation of the reversal pattern and the continued growth of oil.

BRENT crude oil technical analysis on December 7, 2017

BRENT crude oil technical analysis on December 7, 2017 presupposes an attempt to reduce oil prices with a target at level 58 as part of the start of the development of the reversal model «Double Top», in favor of falling oil prices will perform a downlink resistance test on the indicator of relative strength index (RSI), the cancellation of the variant of the drop in the price of BRENT oil will be a breakdown at the level of 65.50, indicating that growth will continue.

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