BRENT crude oil complete the trading week near the area of $ 63.72 per barrel. And it continues to move in the framework of a strong fall and working out of the «Double Top» reversal pattern. 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 65.50. Then continued the fall of oil in the area below the level of 51.05 dollars per barrel.
BRENT oil Forecast and Analysis June 3 — 7, 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 on the trading week of June 3 — 7, 2019 will be a strong growth and a breakdown of the 75.35 level. This will indicate a breakdown of the upper boundary of the channel and the continuation of oil growth to an area above 85.65. With the breakdown of the lower boundary of the rising channel and the closure of quotations below 62.45, we should expect confirmation of a decline in the price of oil BRENT.
BRENT oil Forecast and Analysis June 3 — 7, 2019 implies an attempt to test the resistance area near the level of 65.50. Where can we expect a rebound and an attempt to drop oil with a potential goal 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 75.35 area. This will indicate a breakdown of the resistance level and the continuation of raising the price of oil in order to above 85.65.
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