BRENT crude oil complete the trading week near the area of 69.52 dollars per barrel. And it continues to move within a bullish correction. Moving averages indicate a bearish trend. At the moment, we should expect an attempt to grow and test the resistance area near the level of 70.65. Then continued the fall of oil in the area below the level of 51.05 dollars per barrel.
BRENT oil Forecast and Analysis April 8 — 12, 2019
An additional signal in favor of reducing the quotations of oil this week will be a test of the downward trend line on the relative strength index (RSI). The second signal will be a rebound from the upper boundary of the bearish channel. The abolition of the option of falling prices and BRENT oil prices on the trading week of April 8 — 12, 2019 will be a strong growth and a breakdown of the 74.50 level. This will indicate a breakdown of the upper boundary of the channel and the continuation of oil growth to an area above 78.50. With the breakdown of the area of support and the closure of quotes below 64.50, we should expect confirmation of a decline in the price of oil BRENT.
BRENT oil Forecast and Analysis April 8 — 12, 2019 implies an attempt to test the resistance area near the level of 70.65. Where can we expect a rebound and an attempt to drop oil with a potential target at the level of 51.05. 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 74.50 area. This will indicate a breakdown of the resistance level and a continuation of the oil price rise.
Looking for the Best Forex Broker? We trade at RoboForex. You can receive a rebates from each trade when registering using our partner link
