Quotes of BRENT continue to move as part of a decline. At the time of the publication of the forecast, the price of BRENT oil is $ 74.72 per barrel. At the moment, we should expect an attempt to test the resistance level near $ 76.30 per barrel. Further, the continuation of the fall of the oil in the area below $ 70.45.
BRENT forecast & technical analysis November 2, 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 $ 72.50. Cancellation of the option of falling oil prices will be a strong growth and a breakdown of the level of 77.50 dollars per barrel, which will indicate a breakdown of the upper boundary of the downward channel and the continuation of the fall of quotations to the area above the level of 80.50.
BRENT forecast & technical analysis November 2, 2018 implies an attempt to test the resistance level near $ 76.30 and continue falling to below $ 70.45, canceling the BRENT oil price fall option will be a strong growth and a breakdown of $ 77.50, which will indicate continued growth of quotations in the area above the level of $ 80.50.