BRENT crude oil complete the trading week near the area of 71.40 dollars per barrel. And it continues to move within a strong upward correction. Moving averages indicate a lateral trend. At the moment, we should expect an attempt to continue growth and test the resistance area near the level of 73.05. Then, the oil will continue to fall into the region below the level of 56.05 dollars per barrel.
BRENT oil Forecast and Analysis April 22 — 26, 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 lower boundary of the rising channel. The abolition of the option of falling prices and BRENT oil prices on the trading week of April 22 — 26, 2019 will be a strong growth and a breakdown of the level of 75.55. This will indicate a breakdown of the lower boundary of the channel and the continuation of oil growth in the region above the level of 79.50. With the breakdown of the area of support and and closing of quotations below the level of 67.15, we should expect confirmation of a decline in the price of oil BRENT.
Among the important news that may have an impact on oil prices should be highlighted: United States Crude Oil Stocks Change.
BRENT oil Forecast and Analysis April 22 — 26, 2019 implies an attempt to test the resistance area near the level of 73.05. Where can we expect a rebound and an attempt to drop oil with a potential goal at the level of 56.05. 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 75.55 area. This will indicate a breakdown of the resistance level and a continuation of the oil price rise.