BRENT oil quotes continue to move in the bearish channel. At the time of the publication of the forecast, the price of BRENT oil is 63.68 dollars per barrel. At the moment, we can expect an attempt to grow and test the resistance level near the area of 65.55 dollars per barrel. Further, the continuation of the fall of the oil in the area below 25.00.
Brent crude oil price forecast for 2019
In favor of lowering quotations and prices for BRENT oil, in the framework of the BRENT forecast for 2019, a test of the resistance area on the relative strength index (RSI) will come out. The second signal will be the formation of the head and shoulders reversal pattern. Cancellation of the option of falling oil prices will be a strong increase and the breakdown level of 85.00 dollars per barrel. This will indicate a breakdown of the upper boundary of the channel and the continuation of the growth of quotations in the area above 120.00. Confirmation of the fall in oil quotations in 2019 will be the breakdown of the support level and the closing of prices for BRENT below the level of 45.00.
Brent crude oil price forecast for 2019 implies an attempt to test the resistance level near 65.55. Further, the continuation of the fall with a target below 25.00. In favor of the fall will make a test line resistance. Cancellation of the option of falling oil prices BRENT will be a strong growth and the breakdown level of 85.00. This will indicate continued growth of quotations in the area above the level of 120.00.