BRENT complete the trading week near the area of 42.42 dollars per barrel. And it continues to move within the framework of the bullish correction and the downward channel. Moving averages indicate a bearish trend. Prices are testing the area between the signal lines, indicating pressure from commodity sellers and a potential continuation of the fall. At the moment, we should expect an attempt to develop growth and test the resistance area near the level of 45.55. Then, a rebound and continued fall of oil to the area below the level of 26.55 dollars per barrel.
BRENT crude oil Forecast and Analysis July 13 — 17, 2020
An additional signal in favor of a drop in oil quotes this week will be a test of the resistance line on the relative strength index (RSI). The second signal will be a rebound from the upper boundary of the downward channel. Cancellation of the option of falling quotes and BRENT oil prices in the trading week of July 13 — 17, 2020 will be a strong growth and a breakdown of the level of 52.55. This will indicate a breakdown of the resistance area and continued growth of oil in the area above the level of 60.05. With the breakdown of the support area and closing of quotations below the level of 35.95, we should expect confirmation of a fall in the price of BRENT oil.
BRENT crude oil Forecast and Analysis July 13 — 17, 2020 implies an attempt to test the resistance area near the level of 45.55. Where should we expect a rebound and an attempt to drop oil with a potential target at 26.55. An additional signal in favor of lowering the price of oil will be a test of the trend line on the relative strength index (RSI). Cancellation of the fall option will be a strong price increase and a breakdown of the area of 52.55. This will indicate a breakdown of the resistance area and a continued rise in oil prices with a target above 60.05.
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