Brent continue to move as part of the correction and formation of the «Head and Shoulders» reversal pattern. At the time of the publication of the forecast, the price of Brent crude oil is $ 42.28 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 the buyers of Black Gold and the potential continuation of the growth in the value of the asset. At the moment, we should expect an attempt to grow and test the resistance level near the area of 43.55 dollars per barrel. Further, the continuation of the fall in the oil rate to the area below the level of 31.05.
Brent Crude Oil Forecast and analysis July 10, 2020
An additional signal in favor of falling quotes and Brent oil prices will be a test of the trend line on the relative strength index (RSI). The second signal will be the completion of the formation of the «Head and Shoulders» reversal pattern. Cancellation of the option of falling oil prices will be a strong growth and a breakdown level of $ 45.05 per barrel. This will indicate a breakdown of the resistance area and the continued rise of BRENT quotes to the area above the level of 49.55. A confirmation of the fall in quotes will be a breakdown of the support level and closing of Brent prices below 40.05.
Brent Crude Oil Forecast and analysis July 10, 2020 suggests an attempt to test the resistance level near the area of 43.55. Further, the continuation of the fall with the target below the level of 31.05. A test of the trend line on the relative strength index (RSI) will be in favor of the decline. Cancellation of the option to drop the price of Brent oil will be a strong growth and the breakdown level of 45.05. This will indicate a continued rise in quotations to the area above the level of 49.55.
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