Quotes of BRENT continue to move in the framework of the correction and the formation of the «Triangle» model. At the time of the publication of the forecast, the price of BRENT oil is 80.18 dollars per barrel. At the moment, we should expect an attempt to test the resistance level near the area of 81.20 dollars per barrel. Further, the continuation of the fall of the oil in the area below 76.90.
BRENT forecast & technical analysis October 17, 2018
BRENT will test the trend line on the relative strength index (RSI) in favor of lowering quotes and oil prices. Confirmation of a fall in quotations will be the breakdown of the lower boundary of the «Triangle» model and the closure of quotes below 79.50. Cancellation of the fall in oil prices will be a strong growth and a breakdown of the level of 82.05 dollars per barrel, which will indicate a breakdown of the resistance area and continued growth of quotations to the area above the level of 84.50.
BRENT forecast & technical analysis October 17, 2018 implies an attempt to test the resistance level near 81.20 and continue falling to below 76.90, canceling the BRENT oil price drop option will give a strong rise and a breakdown of 82.05, which will indicate continued growth in the area above the level of 84.50.