Brent continue to move within the correction and the downward channel. At the time of the publication of the forecast, the price of BRENT oil is $ 64.61 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 64.85 dollars per barrel. Further, the continuation of the fall of the oil in the area below the level of 57.65.
BRENT Crude Oil Forecast and analysis July 10, 2019
In favor of lowering quotations and prices for oil BRENT will perform a test of the downward trend line on the indicator of relative strength. The second signal will be the formation of the head and shoulders reversal pattern. Cancellation of the option of falling oil prices will be a strong increase and the breakdown level of 67.55 dollars per barrel. This will indicate a breakdown of the resistance area and continued growth of quotations in the area above the level of 69.65. Confirmation of a decrease in quotations will be the breakdown of the support area and the closing of BRENT prices below 61.35.
Among the important news that may have an impact on oil prices are the following: United States Crude Oil Stocks Change.
BRENT Crude Oil Forecast and analysis July 10, 2019 imply an attempt to test the resistance level near the 64.85 area. Further, the continuation of the decline with the goal below the level of 57.65. In favor of growth will make a test trend line on the indicator of relative strength. Cancellation of the option of falling oil prices BRENT will be a strong growth and the breakdown level of 67.55. This will indicate a continuation of the rise of quotations to the area above 69.65.
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