Brent continue to move within the correction and have left the bullish channel. At the time of publication of the forecast, the price of Brent oil is $106.23 per barrel. Moving averages indicate a short-term bearish trend in oil. Prices are again testing the area between the signal lines, which indicates pressure from the sellers of “Black Gold” and a potential continuation of the fall in the value of the asset already from current levels. At the moment, we should expect an attempt to develop growth and test the resistance level near the area of 108.05 dollars per barrel. Further, the continuation of the fall of the oil rate to the area below the level of 86.05.
Brent Crude Oil Forecast and analysis July 12, 2022
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 a rebound from the upper border of the descending channel. Cancellation of the option of falling oil prices will be a strong growth and a breakdown of the level of 115.45 dollars per barrel. This will indicate a breakdown of the resistance area and continued growth of BRENT quotes to the area above the level of 125.05. The fall in quotes will be confirmed by the breakdown of the lower border of the bearish channel and the closing of prices for Brent below the level of 95.05.
Brent Crude Oil Forecast and analysis July 12, 2022 suggests an attempt to test the resistance level near the area of 108.05. Further, the continuation of the fall of oil with a target below the level of 86.05. A test of the trend line on the relative strength index (RSI) will come out in favor of the asset’s decline. Cancellation of the option of falling Brent oil prices will be a strong growth and a breakdown of the level of 115.45. This will indicate a continued rise in quotes to the area above the level of 125.05.
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