The oil prices since March this year, after reaching the bottom, began to grow in accordance with the regularity of the uptrend. Turan agency came ещ conclusion on the common of pre-defined technical analysis.
Around 2016.03.04 Brent came out of the downtrend that began on 2014.06.22. The duration of the downward trend was from 2014.06.22 to 2016.03.04.
Approximately at the end of the correction by 2014.04.04 confirmation of the upward movement was received, which can be regarded as the beginning of an uptrend.
At the point of intersection of the uptrend support line, Fibonacci level of 61.8 line and the Fibonacci fan line, falling by about mid-July can expect a tangible price moves.
Until that date, the price can rise up to 55-56 dollars per barrel, followed by a small back down.
In case of continuation of the upward trend, it can be assumed, the price can theoretically go up to higher values (about 70 dollars per barrel) in the current year.
Turan Information Agency warns that this forecast is highly subjective and is not subject to practical application, and it cannot be used for the purpose of trading.
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Economics
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