Quotes of BRENT continue to move within the framework of the formation of the «Triangle» model. At the time of publication of the forecast, the price of BRENT oil is $ 71.49 per barrel. At this point, we should expect an attempt to test the upper limit of the model «Triangle» near the level of $ 72.50 per barrel. Further, the continued fall in oil prices in the area below the level of $ 67.20.
BRENT forecast & technical analysis August 16, 2018
In favor of falling quotations and prices for oil BRENT will test the resistance line on the indicator of relative strength index (RSI). The abolition of the fall in oil prices will be a strong increase and a breakdown of the level of $ 75.50 per barrel, indicating a breakdown of the upper limit of the «Triangle» model and the continuation of the growth of quotations in the region above the level of $ 78.50. To expect confirmation of the oil price decrease is with the breakdown of the lower limit of the Triangle model and the closing below the level of $ 70.50.
BRENT forecast & technical analysis August 16, 2018 suggests an attempt to test the resistance level near the area of $ 72.50 and the continuation of the fall with a target below the level of $ 67.20, the abolition of the variant of reducing the price of BRENT oil will be a strong growth and a breakdown of the level of $ 75.50, which will indicate the continued growth of quotations in the area above the level of $ 78.50.
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