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 $ 72.18 per barrel. At the moment, we should expect an attempt to test the resistance level near the area of 72.40 dollars per barrel. Further, the continuation of the fall of the oil in the region below the level of 68.00.
BRENT forecast & technical analysis November 9, 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 the breakdown of the lower boundary of the «Triangle» model and the closure of quotes below 71.50. Cancellation of the option of falling oil prices will be a strong increase and the breakdown level of 75.00 dollars per barrel. This will indicate a breakdown of the upper boundary of the downward channel and the continuation of the fall in quotations to the area above the 78.00 level.
BRENT forecast & technical analysis November 9, 2018 imply an attempt to test the resistance level near the 72.40 area. Then the continuation of the fall with the goal below the level of 68.00. Cancellation of the option of falling oil prices BRENT will be a strong growth and the breakdown level of 75.00, which will indicate continued growth of quotations in the area above the level of 78.00.