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 77.04 dollars per barrel. At the moment, we should expect an attempt to test the resistance level near the region of 77.55 dollars per barrel. Further, the continuation of the fall of the oil in the area below the level of 72.55.
BRENT forecast & technical analysis October 31, 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 74.80. Cancellation of the fall in oil prices will be a strong growth and a breakdown of the level of 79.40 dollars per barrel, which will indicate a breakdown of the upper boundary of the downward channel and the continued growth of quotations in the region above the level of 82.50.
BRENT forecast & technical analysis October 31, 2018 imply an attempt to test the resistance level near 77.55 and continue falling to below 72.55, canceling the option of falling BRENT oil prices will become strong and break through the level of 79.40, which will indicate continued growth of quotations in the area above the level of 82.50.