Quotes of BRENT complete the trading week near the region of $ 73.07 per barrel and continues to move as part of the decline. As part of the publication of the BRENT oil weekly forecast & analysis November 5 — 9, 2018, we should expect an attempt to test the resistance area near the level of 78.50 and continue the fall of oil to the area below the level of 60.00 dollars per barrel.
BRENT oil weekly forecast & analysis November 5 — 9, 2018
An additional signal in favor of the fall in oil prices this week will be a broken trend line test on the relative strength index (RSI), as well as the formation of the «Head and Shoulders» reversal pattern. The abolition of the option of falling prices and BRENT oil prices in the trading week from November 5 — 9, 2018 will be a strong growth and a breakdown of the level of 85.50, which will indicate the breakdown of the resistance area and the continued growth of oil to the area above the 90.00 level. 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 5 — 9, 2018 implies an attempt to test the resistance area near 78.50, where we should expect a rebound and an attempt to drop oil with a potential target at 60.00, a test of the trend line will be an additional signal on the relative strength index (RSI), the cancellation of the fall option will be a strong growth and a breakdown of the 85.50 area, which will indicate the breakdown of the resistance area and the continued rise in the price of oil.
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