BRENT crude oil complete the trading week near the area of $ 61.17 per barrel. And it continues to move within the 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 54.95. Then, the continuation of the fall of oil into the region below the level of 49.65 dollars per barrel.
BRENT oil Forecast and Analysis January 28 — February 1, 2019
An additional signal in favor of reducing the 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 limit of the descending channel. Cancellation of the option of falling prices and BRENT oil prices on the trading week of January 28 — February 1, 2019 will be a strong growth and a breakdown of the level of 67.50. 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 75.00. With the breakdown of the support area and the closing of quotations below the level of 58.50, we should expect confirmation of a decline in the price of oil BRENT.
BRENT oil Forecast and Analysis January 28 — February 1, 2019 implies an attempt to test the resistance area near the level of 54.95. Where can we expect a rebound and an attempt to drop oil with a potential goal at 49.65. 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 67.50. This will indicate a breakdown of the resistance level and a continuation of the oil price rise.