BRENT crude oil complete the trading week near the area of $ 71.54 per barrel. And it continues to move within an upward correction. Moving averages indicate a downward trend. At the moment, we should expect an attempt to grow and test the resistance area near the level of 72.85. Then the continuation of the fall of oil into the region below the level of 56.35 dollars per barrel.
BRENT oil Forecast and Analysis April 15 — 19, 2019
An additional signal in favor of reducing the quotations of oil this week will be the test of the resistance line on the relative strength index (RSI). The second signal will be a rebound from the upper boundary of the downward channel. The abolition of the option of falling prices and BRENT oil prices in the trading week of April 15 — 19, 2019 will be a strong growth and a breakdown of 75.40. This will indicate a breakdown of the upper boundary of the channel and the continuation of oil growth in the region above the level of 79.50. With the breakdown of the lower boundary of the channel and the closure of quotations below 65.20, we should expect confirmation of a decline in the price of oil BRENT.
BRENT oil Forecast and Analysis April 15 — 19, 2019 implies an attempt to test the resistance area near the level of 72.85. Where can we expect a rebound and an attempt to drop oil with a potential goal at the level of 56.35. An additional signal in favor of reducing the price of oil will be a test of the trend line on the relative strength index (RSI). Cancellation of the fall option will be a strong growth and the breakdown of the 75.40 area. This will indicate a breakdown of the resistance level and a continuation of the oil price rise.