Brent continue to move as part of the growth and formation of the downward wave «Wolfe Wave». At the time of the publication of the forecast, the price of BRENT oil is $ 66.93 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 67.95 dollars per barrel. Further, the continuation of the fall in the rate of oil in the area below 61.65.
BRENT Crude Oil Forecast and analysis July 16, 2019
In favor of reducing the quotations and prices of oil BRENT will test the resistance line on the indicator of relative strength index (RSI). The second signal will be the completion of the formation of the bearish «Wolfe Wave» model. Cancellation of the option of falling oil prices will be a strong increase and the breakdown level of 69.95 dollars per barrel. This will indicate a breakdown of the resistance area and continued growth of quotations in the area above the level of 72.75. Confirmation of a decrease in quotations will be the breakdown of the support area and the closing of BRENT prices below 65.25.
BRENT Crude Oil Forecast and analysis July 16, 2019 imply an attempt to test the resistance level near 67.95. Further, the continuation of the decline with the target below 61.65. 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 69.95. This will indicate a continuation of the rise of quotations to the area above the level of 72.75.
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