Quotes of BRENT crude oil continue to move within the correction. At this point, we should expect an attempt to test the upper boundary of the bearish channel near the area of 66.50. Then continue the fall in the area below the level of 63.00. In favor of falling quotations and oil prices, BRENT will perform a bearish trend test on the indicator of relative strength index (RSI).
BRENT forecast & technical analysis March 7, 2018
The cancellation of the fall in oil prices will be a strong increase and a breakdown of the level of $ 67.50 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 support area and the closing of quotations below the area of 64.25.
BRENT forecast & technical analysis March 7, 2018 suggests an attempt to test the upper boundary of the bearish channel near the area of 66.50 and continue falling with the target below 63.00, the abolition of the variant of the drop in the price of BRENT oil will be a breakthrough level of 67.50, which will indicate the continued growth of quotations in area above the level of 71.50.
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