Brent continue to move within the growth and upward channel. At the time of the publication of the forecast, the price of Brent crude oil is $ 45.34 per barrel. Moving averages indicate a short-term bullish trend for oil. Prices are testing the area between the signal lines, which indicates pressure from buyers of «Black Gold» and a potential continued growth in the value of the asset. At the moment, we should expect an attempt to reduce and test the support level near the area of $ 44.05 per barrel. Further, the continued growth of the oil rate to the area above the level of 47.65.
Brent Crude Oil Forecast and analysis August 7, 2020
An additional signal in favor of the growth of quotations and prices for Brent oil will be a test of the trend line on the relative strength index (RSI). The second signal will be a rebound from the lower border of the ascending channel. Cancellation of the option of rising oil prices will be a fall and a breakdown of the level of $ 43.25 per barrel. This will indicate a breakdown of the support area and a continued fall in BRENT quotes to an area below the level of 40.55. Confirmation of the growth of quotations will be the breakdown of the resistance level and the closing of Brent prices above the level of 46.55.
Brent Crude Oil Forecast and analysis August 7, 2020 imply an attempt to test the support level near 44.05 area. Further, continued growth with a target above the level of 47.65. A test of the trend line on the relative strength index (RSI) will be in favor of the rise. Cancellation of the growth option for Brent oil will be a fall and a breakdown of the level of 43.25. This will indicate a continued decline in quotations to the area below the level of 40.55.
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