BRENT crude oil complete the trading week near the area of 61.14 dollars per barrel. And it continues to move in the framework of the fall. Moving averages indicate a downward trend. At the moment, we should expect an attempt to correct and test the resistance area near the level of 63.75. Then the continuation of the fall of oil into the region below the level of 49.55 dollars per barrel.
BRENT oil Forecast and Analysis June 17 — 21, 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. Cancellation of the option of falling prices and BRENT oil prices in the trading week of June 17 — 21, 2019 will be a strong growth and a breakdown of the level of 70.45. This will indicate a breakdown of the upper boundary of the channel and the continuation of oil growth to an area above 75.65. With the breakdown of the support area and and closing of quotations below the level of 56.55, we should expect confirmation of a decline in the BRENT oil price.
BRENT oil Forecast and Analysis June 17 — 21, 2019 implies an attempt to test the resistance area near the level of 63.75. Where can we expect a rebound and an attempt to drop oil with a potential goal at 49.55. 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 a breakdown of 70.45. This will indicate a breakdown of the resistance level and the continuation of raising the price of oil in order to above 75.65.
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