Quotes of BRENT continue to move within the ascending channel. At the moment, we should expect an attempt to test the resistance area near the level of 80.10 dollars per barrel. Further, the continued fall of oil in the area below the level of 74.60 within the beginning of the development of the reversal model «Head and Shoulders».
BRENT forecast & technical analysis May 23, 2018
In favor of falling quotations and prices for oil BRENT will test the trend line on the indicator of relative strength index (RSI). The abolition of the fall in oil prices will be a strong growth and a breakdown of 81.20 dollars per barrel, which will indicate the breakdown of the resistance level and the continuation of the growth of quotations in the area above the level of 83.00. To expect confirmation of the fall in the price of oil is with the breakdown of the support area and the closure below the level of 77.45.
BRENT forecast & technical analysis May 23, 2018 suggests an attempt to test the resistance level near the area of 80.10 and continue falling with a target below 74.60, the cancellation of the variant of the drop in the price of BRENT oil will be a strong growth and breakdown at level 80.10, which will indicate the continued growth of quotations in the area above the level of 83.00.
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