BRENT crude oil complete the trading week near the region of 70.77 dollars per barrel. And it continues to move within the fall. Moving averages indicate an uptrend. At the moment, we should expect an attempt to grow and test the resistance area near the level of 73.25. Then, the continuation of the fall of oil into the region below the level of 57.65 dollars per barrel.
BRENT oil Forecast and Analysis May 13 — 17, 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. The abolition of the option of falling prices and BRENT oil prices on the trading week of May 13 — 17, 2019 will be a strong growth and a breakdown of the level of 79.35. 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 84.50. With the breakdown of the lower boundary of the rising channel and the closure of quotations below 63.55, we should expect confirmation of a decline in the price of oil BRENT.
BRENT oil Forecast and Analysis May 13 — 17, 2019 implies an attempt to test the resistance area near the level of 73.25. Where can we expect a rebound and an attempt to drop oil with a potential target at 57.65. 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 79.35. This will indicate a breakdown of the resistance level and a continuation of the oil price rise.