Quotes of BRENT continue to move as part of a decline. At the time of publication of the forecast, the price of BRENT oil is $ 76.18 per barrel. At the moment, we should expect an attempt to test the resistance level near the area of 77.35 dollars per barrel. Further, the continuation of the fall of the oil in the area below the level of 72.65.
BRENT forecast & technical analysis November 1, 2018
In favor of lowering quotations and prices for BRENT oil, a test of the trend line on the relative strength index (RSI) will come out. Confirmation of a fall in quotations will be a breakdown of the support area and closing of quotes below the level of 74.40. Cancellation of the option of falling oil prices will be a strong growth and a breakdown of the level of 78.20 dollars per barrel, which will indicate a breakdown of the upper limit of the «Triangle» model and the continued growth of quotations in the region above the level of 81.50.
BRENT forecast & technical analysis November 1, 2018 implies an attempt to test the resistance level near $ 77.35 and continue falling to below $ 72.65, canceling the option of falling BRENT oil prices will be strong growth and a breakdown of $ 78.20, indicating further growth in the area above the level of 81.50.