BRENT oil Forecast and Analysis February 18 — 22, 2019


BRENT crude oil complete the trading week near the area of ​​$ 64.92 per barrel. And continues to move in growth. 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 66.05. Then the continuation of the fall of oil into the region below the level of 51.45 dollars per barrel.

BRENT oil Forecast and Analysis February 18 — 22, 2019

An additional signal in favor of lowering quotations of oil this week will be a test of the trend line on the relative strength index (RSI). As well as 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 February 18 — 22, 2019 will be a strong growth and a breakdown of the level of 69.50. This will indicate a breakdown of the upper boundary of the channel and the continuation of oil growth in the region above 75.00. With the breakdown of the support area and closing of quotes below the level of 59.50, we should expect confirmation of a decline in the price of oil BRENT.

BRENT oil Forecast and Analysis February 18 — 22, 2019

BRENT oil Forecast and Analysis February 18 — 22, 2019 implies an attempt to test the resistance area near the level of 66.05. Where can we expect a rebound and an attempt to drop oil with a potential target of 51.45. An additional signal in favor of reducing the price of oil will be a test of the trend line on the indicator of relative strength index (RSI). Cancellation of the fall option will be a strong growth and the breakdown of 69.50. This will indicate a breakdown of the resistance level and a continuation of the oil price rise.


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