Quotes of BRENT complete the trading week near the area of $ 69.73 a barrel. And it continues to move in a descending trend. At the moment, we should expect an attempt to test the resistance area near the 74.70 level. Then continued the fall of oil in the area below the level of 59.00 dollars per barrel.
BRENT oil weekly forecast & analysis November 12 — 16, 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 lower boundary of the rising channel. The abolition of the option of falling prices and BRENT oil prices in the trading week of November 12 — 16, 2018 will be a strong growth and a breakdown of the level of 77.50. This will indicate a breakdown of the resistance area and continued oil growth to an area above 85.00. With the breakdown of the support area and closing below 69.00, we should expect confirmation of a fall in the BRENT oil price.
BRENT oil weekly forecast & analysis November 12 — 16, 2018 implies an attempt to test the resistance area near the 74.70 level. Where can we expect a rebound and an attempt to drop oil with a potential goal at 59.00. 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 77.50 area. This will indicate a breakdown of the resistance area and a continued rise in the price of oil.
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