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 79.09 dollars per barrel. At this point, we should expect an attempt to test the resistance level near the level of 79.80 dollars per barrel. Further, the beginning of the fall of the oil price in the area below the level of 75.20.
BRENT forecast & technical analysis September 20, 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 77.25. 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 20, 2018 involves an attempt to test the resistance level near the area of 79.80 and continue falling with a target below 75.20, the abolition of the variant of the price reduction 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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