Quotes of BRENT continue to move in a downward trend. At the time of the publication of the forecast, the price of BRENT oil is $ 66.58 per barrel. At the moment, we can expect an attempt to test the resistance level near the area of 67.50 dollars per barrel. Further, the continuation of the fall of the oil in the area below 60.00.
BRENT forecast & technical analysis November 16, 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. As well as a rebound from the upper boundary of the bearish channel. Confirmation of a fall in quotations will be a breakdown of the support area and closing of quotes below the level of 63.50. Cancellation of the option of falling oil prices will be a strong increase and the breakdown level of 71.00 dollars per barrel. This will indicate a breakdown of the upper boundary of the downward channel and the continuation of the growth of quotations in the area above the level of 73.50.
BRENT forecast & technical analysis November 16, 2018 imply an attempt to test the resistance level near 67.50. Then the continuation of the fall with the goal below the level of 60.00. Cancellation of the option of falling oil prices BRENT will be a strong growth and the breakdown level of 71.00. This will indicate continued growth of quotations in the area above the level of 73.50.
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