Quotes of BRENT complete the trading week near the area of $ 53.93 per barrel. And it continues to move in decline. 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 58.40. Then continued the fall of oil in the area below the level of 44.90 dollars per barrel.
BRENT oil weekly forecast & analysis December 24 — 28, 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 December 24 — 28, 2018 will be a strong growth and a breakdown of the level of 60.50. 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 66.50. With the breakdown of the support area and closing below 52.50, we should expect confirmation of a fall in the BRENT oil price.
Among the important news in the next trading week, which may have an impact on the course of oil, it is worth highlighting: Changes in crude oil reserves from EIA.
BRENT oil weekly forecast & analysis December 24 — 28, 2018 involves an attempt to test the resistance area near the level of 58.40. Where can we expect a rebound and an attempt to drop oil with a potential goal at the level of 44.90. 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 a breakdown of the 60.50 area. This will indicate a breakdown of the resistance area and a continued rise in the price of oil.
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