Quotes of BRENT crude oil continue to move within the correction. At this point, we should expect an attempt to test the level of resistance of the channel near the area of 67.50. Then continue the fall in the area below the level of 63.00. In favor of falling quotations and oil prices, BRENT will test the downward trend line on the indicator of relative strength index (RSI), as well as the formation of the «Head and Shoulders» reversal forex pattern.
BRENT forecast & technical analysis February 27, 2018
The abolition of the fall in oil prices will be a strong growth and a breakdown of the level of 71.00 dollars per barrel, which will indicate the breakdown of the resistance area and the continuation of the growth of quotations above the level of 73.50. To expect confirmation of the fall in the price of oil is with the breakdown of the support area and the closing of quotations below the area of 64.50.
BRENT forecast & technical analysis February 27, 2018 suggests an attempt to test the resistance level near the area of 67.50 and continue falling with a target below 63.00, the cancellation of the variant of the drop in the price of BRENT oil will be a breakdown at 71.00, which will indicate the continued growth of quotations in the region above level 73.50.
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