Quotes of BRENT complete the trading week near the area of 59.90 dollars per barrel. And it continues to move in the framework of the fall. Moving averages indicate a bearish trend. At the moment, we should expect an attempt to correct and test the resistance area near the 66.50 level. Then continued the fall of oil in the area below the level of 51.00 dollars per barrel.
BRENT oil weekly forecast & analysis December 3 — 7, 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). The abolition of the option of falling prices and BRENT oil prices on the trading week of December 3 — 7, 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 the 76.00 level. With the breakdown of the support area and closing below 55.50, we should expect confirmation of a fall in the BRENT oil price.
BRENT oil weekly forecast & analysis December 3 — 7, 2018 implies an attempt to test the resistance area near the level of 66.50. Where can we expect a rebound and an attempt to drop oil with a potential target at 51.00. 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 71.00 area. This will indicate a breakdown of the resistance area and a continued rise in the price of oil.