Brent crude oil prices continue to move as part of a downward trend and the formation of a bullish “Wolfe Wave” pattern. At the time of publication of this forecast, the price of Brent crude oil is $79.56 per barrel. Moving averages indicate a short-term bearish trend for oil. Prices have broken below the signal lines, indicating downward pressure from sellers of “black gold” and a potential further decline in the asset’s price from current levels. At this point, an attempt at a bearish correction and a test of the support level near $77.55 per barrel are expected. Next, a price rebound and continued growth in oil prices above 91.55 will be expected.
Brent crude oil Forecast for 6 August 2026
An additional signal supporting growth in Brent crude oil quotes and prices will be a rebound from the support line on the relative strength indicator (RSI). A second signal will be a rebound from the lower boundary of the bullish Wolfe Wave pattern. The upward trend in oil prices will be reversed by a decline and a breakout of $74.05 per barrel. This will indicate a breakout of the support area and a continued decline in BRENT crude oil quotes below 70.05. A breakout of the resistance area and a close above 84.25 will confirm growth in oil quotes and prices, signaling a breakout of the upper boundary of the bullish Wolfe Wave pattern.
Brent crude oil Forecast for 6 August 2026 suggests an attempt to test the support level near 77.55. Next, oil prices are expected to continue rising with a target above 91.55. A test of the trend line on the relative strength indicator (RSI) would support an upside move. A decline and a break of 74.05 would invalidate the upward trend in Brent crude oil prices. This would indicate a continued decline below 70.05.
