Brent oil completes the trading week at $ 50.99 per barrel. Quotes for oil continue to trade below the moving average with a period of 55, indicating a bearish trend on the Brent oil. At the moment, Brent crude oil quotes are moving near the middle border of the Bollinger Bands indicator bars. It is worth expecting a correction to the moving average with a period of 55 near the level of 52.50, from which we should expect an attempt to continue the fall and further develop the bearish trend for Brent oil with the first goal near the level of 46.10.
Brent oil forecast for the week May 15 — 19, 2017
The conservative BRENT OIL sale area is near the upper boundary of the Bollinger Bands indicator strip at 55.40. The cancellation of the option of continuing the fall of Brent Oil will be a breakdown of the moving average with a period of 55, as well as the upper boundary of the indicator bands and the closing of oil quotes above the area of 56.90, which indicates a change in the downtrend in favor of the bullish trend on Brent oil. In the event of a breakdown of the lower boundary of the Bollinger Bands indicator bars, it is expected to accelerate the Brent fall into the area below the 46.10 level.