BRENT crude oil complete the trading week near the region of 67.02 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 68.45. 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 March 18 — 22, 2019
An additional signal in favor of lowering oil prices this week will be the formation of the «Head and Shoulders» reversal pattern on the relative strength index (RSI). The second signal will be a rebound from the upper boundary of the downward channel. The abolition of the option of falling prices and BRENT oil prices in the trading week of March 18 — 22, 2019 will be a strong growth and a breakdown of the level of 71.50. 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 lower boundary of the rising channel and closing of quotations below the level of 62.50, we should expect confirmation of a decline in the price of oil BRENT.
BRENT oil Forecast and Analysis March 18 — 22, 2019 implies an attempt to test the resistance area near the level of 68.45. 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 the area of 71.50. This will indicate a breakdown of the resistance level and a continuation of the oil price rise.