Quotes of BRENT oil finished the trading week at $ 50.85 per barrel. Oil was able to push off the bottom curtain of the rising channel and at the moment there is a potential for a dense test of the area above the level of $ 52 per barrel, from which one should expect an attempt to lower quotations and oil prices to the local minimum area.
BRENT oil weekly forecast on May 15 — 19, 2017
In favor of the fall, a downtrend line test will appear on the relative strength indicator, as well as a test of a broken trend line. In the event of a breakdown of the region of $ 52 per barrel, you should expect a rise above the level of $ 54, where oil will again meet resistance in the form of the upper boundary of the descending channel. Expect the acceleration of the drop in quotations BRENT is with the breakdown of the lower border of the channel and closing below the level of 48 dollars per barrel.
Among the important news that could affect the price of oil, it is worth highlighting, Data on crude oil reserves from the Department of Energy May 17, 2017.
BRENT oil weekly forecast on May 15 — 19, 2017 suggests an attempt to continue the development of an upward correction to the region at the level of $ 52 per barrel, where the rebound and fall of oil prices should be expected below the level of $ 48 per barrel, Area of 55 dollars per barrel.
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