Quotes of BRENT continue to move in line with the decline. At the time of publication of the forecast, the price of BRENT oil is $ 70.72 per barrel. At the moment, we should expect an attempt to test the lower limit of the «Triangle» model near the level of $ 71.50 per barrel. Further, the continued fall in oil prices in the area below the level of 66.45.
BRENT forecast & technical analysis August 17, 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 $ 73.50 per barrel, which will indicate the breakdown of the upper limit of the «Triangle» model and the continuation of the growth of quotations in the area above the level of $ 77.50. To expect confirmation of the oil price decrease is with the breakdown of the support area and the closing below the level of 69.50.
BRENT forecast & technical analysis August 17, 2018 involves an attempt to test the resistance level near the 71.50 area and continue falling with the target below 66.45, the abolition of the variant of the price reduction of BRENT oil will be a strong growth and breakdown at the level of 73.50, which will indicate the continued growth of quotations in the area above the level of 77.50.
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