Quotes of BRENT continue to move within the bullish channel. At the moment, we should expect an attempt to test the lower border of the channel near the area of 77.20 dollars per barrel. Further, the continued growth of oil in the area above the level of 81.00.
BRENT forecast & technical analysis May 22, 2018
In favor of the growth of quotations and prices for oil BRENT will perform a test of the support line on the indicator of relative strength index (RSI). The abolition of the variant of oil price growth will be a drop and breakdown of the level of $ 75.00 per barrel, which will indicate the breakdown of the support level and the continuation of the fall of quotations in the area below the level of 69.00. To expect confirmation of the growth in the price of oil is with the breakdown of the resistance area and the closing above the level of 80.50.
BRENT forecast & technical analysis May 22, 2018 suggests an attempt to test the support level near the area of 77.20 and continue growth with a target above 81.00, the cancellation of the variant of the growth of the price of BRENT oil will be a drop and breakdown of the level of 75.00, which will indicate the continued fall in quotations in the area is below the level of 69.00.
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