Quotes of BRENT complete the trading week near the area of 62.87 dollars per barrel. And it continues to move within the correction. Moving averages indicate a bearish trend. At the moment, we should expect an attempt to correct and test the resistance area near the level of 66.50. Then the continuation of the fall of oil into the region below the level of 52.00 dollars per barrel.
BRENT oil weekly forecast & analysis December 10 — 14, 2018
An additional signal in favor of falling oil prices 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. The abolition of the option of falling prices and BRENT oil prices on the trading week of December 10 — 14, 2018 will be a strong growth and a breakdown of the level of 71.00. This will indicate a breakdown of the resistance area and continued oil growth to an area above 76.50. With the breakdown of the area of support and closing below 56.50, we should expect confirmation of a fall in the price of oil BRENT.
BRENT oil weekly forecast & analysis December 10 — 14, 2018 implies an attempt to test the resistance area near the level of 66.50. Where should we expect a rebound and an attempt to drop oil with a potential target of 52.00. 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 71.00. This will indicate a breakdown of the resistance area and a continued rise in the price of oil.
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