BRENT oil price FORECAST on 16 — 20 May, 2016


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Quotes of oil Brent on the current trading week, try to update the field max, however, full upward movement did not happen. On the daily chart the price of oil Brent, quotes continued movement within the ascending channel that tells us about the continuation of the bullish trend for Oil. It also formed a reversal pattern on the display relative strength, which suggests an attempt BRENT quotes fall into the region at a level below 43 dollars per barrel.

BRENT oil price FORECAST on 16 — 20 May, 2016

BRENT oil price FORECAST on 16 — 20 May, 2016

On the next trading week 05.16.2016 — 05.20.2016, also have the potential for resistance test on the indicator of relative strength that point to potential rebound and the fall of quotations of oil in the area of the lower boundary of the channel at a level below 43 dollars per barrel. Cancellation option will be the fall of quotations of oil BRENT strong growth and penetration level of the upper border of the channel, which will accelerate the bullish trend for Oil.

Thus, BRENT oil price FORECAST on 16 — 20 May, 2016 suggests correction attempt breaks the level of 43 dollars per barrel closing prices.

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