Quotes of BRENT crude oil close the trading week near the area of 74.18 dollars per barrel. It is worth waiting for the test of the support area test near the level of 73.50 and the beginning of oil growth in the area above the level of 83.00 dollars per barrel.
BRENT crude oil forecast & analysis July 16 — 20, 2018
An additional signal for the growth of oil quotes this week will be a test of the support line on the indicator of relative strength index (RSI). The cancellation of the variant of the growth of quotations and prices for BRENT oil in the current trading week on July 16 — 20, 2018 will break through the level of 71.50, which will indicate the breakdown of the lower boundary of the «Triangle» model and the continuation of the fall of oil into the area below 63.00. With the breakdown of the upper bound of the «Triangle» model and the closing above the level of 79.50, one should expect confirmation of the growth of the price for BRENT oil in the current trading week.
BRENT crude oil forecast & analysis July 16 — 20, 2018 suggests a test of support near the level of 73.50, from which one should expect a rebound and an attempt to increase oil with a potential target at 83.00, an additional signal in favor of an oil price rise will be a test of the support line on the indicator relative strength index (RSI), the cancellation of the growth option will be the fall and breakdown of the region 71.50, which will indicate the breakdown of the lower boundary of the «Triangle» model and the continuation of the decline.
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