Quotes of BRENT continue to move within the framework of the formation of the «Triangle» model. At the time of publication of the forecast, the price of BRENT oil is 72.12 dollars per barrel. At this point, we should expect an attempt to test the upper limit of the model «Triangle» near the level of 73.80 dollars per barrel. Further, the continued fall in oil prices in the region below the level of $ 67.50.
BRENT forecast & technical analysis August 10, 2018
In favor of falling quotations and prices for oil BRENT will test the resistance line on the indicator of relative strength index (RSI). The abolition of the fall in oil prices will be a strong growth and a breakdown of the level of $ 75.50 per barrel, which will indicate the breakdown of the upper limit of the «Triangle» model and the continuation of the growth of quotations in the area above the level of $ 77.50. To expect confirmation of the oil price decrease is with the breakdown of the lower limit of the «Triangle» model and the closing below the level of 70.50.
BRENT forecast & technical analysis August 10, 2018 involves an attempt to test the resistance level near the area of $ 73.80 and continue falling with a target below the level of 67.50, the abolition of the option of reducing the price of BRENT oil will be a strong growth and breakdown at 75.50, which will indicate the continued growth of quotations in the area above the level of 79.05.