Quotes of BRENT crude oil continue to move within the framework of correction and formation of the «Head and Shoulders» reversal model. At this point, we should expect an attempt to test the resistance level near the area of 66.50. Further continuation of the fall in the area below the level of 60.00 as part of the start of the development of the «Head and Shoulders» model.
BRENT forecast & technical analysis March 20, 2018
In favor of falling quotes and oil prices, BRENT will perform a beard trend test on the indicator of relative strength index (RSI). The abolition of the fall in oil prices will be a strong increase and a breakdown at the level of 68.50 dollars per barrel, which will indicate the breakdown of the resistance area and the continuation of the growth of quotations above the level of 71.50. To expect confirmation of the fall in the price of oil is with the breakdown of the «Neckline» of the reversal pattern and the closing of quotations below the area of 61.00.
BRENT forecast & technical analysis March 20, 2018 involves an attempt to test the resistance level near the area of 66.50 and continue falling with a target below the level of 60.00, the cancellation of the variant of the drop in the price of BRENT oil will be a breakdown of the level of 68.50, which will indicate the continued growth of quotations in the region above level 71.50.
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