Brent continue to move as part of an upward correction. At the time of the publication of the forecast, the price of BRENT oil is $ 64.36 per barrel. Moving averages indicate a short-term downward trend in oil. At the moment, we should expect an attempt to rise and test the resistance level near the area of 66.75 dollars per barrel. Further, the continuation of the fall in the oil rate to the area below the level of 59.45.
BRENT Crude Oil Forecast and analysis August 2, 2019
In favor of reducing the quotations and prices of oil BRENT will test the resistance line on the indicator of relative strength. The second signal will be a rebound from the upper boundary of the downward channel. Cancellation of the option of falling oil prices will be a strong growth and a breakdown of the level of 67.95 dollars per barrel. This will indicate a breakdown of the resistance area and continued growth of quotations in the area above the level of 70.55. Confirmation of the decline in quotes will be a breakdown of the support area and closing prices for BRENT below 61.55.
BRENT Crude Oil Forecast and analysis August 2, 2019 suggests an attempt to test the resistance level near the area of 66.75. Further, the continuation of the decline with the target below the level of 59.45. In favor of growth will make a test trend line on the indicator of relative strength. Cancellation of the option of falling BRENT oil prices will be a strong growth and the breakdown level of 67.95. This will indicate a continued rise in quotations to the area above the level of 70.55.
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