Brent continue to move as part of the correction and the formation of the bullish «Wolfe Wave» model. At the time of the publication of the forecast, the price of BRENT oil is $ 60.03 per barrel. Moving averages indicate a short-term downward trend in oil. At the moment, we should expect an attempt to reduce and test the support level near the area of 59.70 dollars per barrel. Further, the continued growth of the oil rate in the region above the level of 67.70.
BRENT Crude Oil Forecast and analysis August 7, 2019
In favor of rising quotes and BRENT oil prices, a test of the support line on the relative strength index (RSI) will come out. The second signal will be a rebound from the lower boundary of the «Wolfe Wave» model. Cancellation of the option of rising oil prices will be a fall and a breakdown of the level of 57.55 dollars per barrel. This will indicate a breakdown of the support area and a continued decline in quotations to the area below the level of 54.05. Confirmation of the growth of quotes will be a breakdown of the upper border of the downward channel and closing prices for BRENT above 63.45.
Among the important news that may have an impact on the oil rate is the following: EIA United States Crude Oil Stocks Change.
BRENT Crude Oil Forecast and analysis August 7, 2019 suggests an attempt to test the support level near the area of 59.70. Further, continued growth with the target above the level of 67.70. A test of the trend line on the relative strength index (RSI) will be in favor of the rise. Cancellation of the BRENT oil price growth option will be a fall and a breakdown of the level of 57.55. This will indicate a continued decline in quotations to the area below the level of 54.05.
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