Brent oil completes the trading week at the level of 51.89 dollars per barrel. Quotations for Oil are trading below the average with a period of 55, indicating a bearish trend for Brent Oil. At the moment, Brent Oil quotes are testing the lower boundary of the Bollinger Bands indicator strip. It is worth expecting a correction to the moving average with a period of 55 near the level of 53.60, from which we should expect an attempt to continue falling with the first goal near the level of 49.00.
Bollinger Bands forecast crude oil prices for May 1 — 5, 2017
The conservative sales area is near the upper boundary of the Bollinger Bands indicator bands at 57.00. The abolition of the option of continuing the fall of Brent Oil will be a breakdown of the moving average region with a period of 55, as well as the upper boundary of the indicator bars and the closing of oil quotes above the area of 58.80, indicating a change in the trend in favor of the bull on Brent Oil. In the event of a breakdown of the lower border of the indicator bars, it is expected to accelerate the fall of Brent in the area below the level of 49.00.