Quotes of BRENT continue to move within the framework of the formation of the «Wedge» reversal model. At the time of publication of the forecast, the price of BRENT oil is 78.51 dollars per barrel. At this point, we should expect an attempt to test the resistance level near the level of 80.40 dollars per barrel. Further, the beginning of the fall of the oil price in the region below the level of 73.80.
BRENT forecast & technical analysis September 18, 2018
In favor of falling quotations and prices for oil BRENT will rebound from the resistance line on the indicator of relative strength index (RSI). Confirmation of the completion of the formation of the reversal model will be the breakdown of the lower boundary of the «Wedge» model and the closing of quotes below the level of 77.50. The abolition of the fall in oil prices will be a strong growth and a breakdown at 81.50 dollars per barrel, which will indicate the breakdown of the resistance area and the continuation of the fall of quotations in the area above the level of 82.50.
BRENT forecast & technical analysis September 18, 2018 suggests an attempt to test the resistance level near the area of 80.40 and continue falling with a target below the level of 73.80, the abolition of the option of reducing the price of BRENT oil will be a strong growth and breakdown at 81.50, which will indicate the continued growth of quotations in the area above the level of 82.50.
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