Brent continue to move as part of the correction and the formation of the “Triangle” pattern. At the time of the publication of the forecast, the price of Brent crude oil is $ 73.80 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 buyers of “Black Gold” and a potential continuation of the rise in the value of the asset already from the current levels. At the moment, we should expect an attempt to develop a correction and a test of the support level near the area of $ 72.65 per barrel. Further, the continued growth of the oil rate to the area above the level of 81.55.
Brent Crude Oil Forecast and analysis July 16, 2021
An additional signal in favor of a rise in quotations and prices for Brent oil will be a test of the support line on the relative strength index (RSI). The second signal will be a rebound from the lower border of the “Triangle” pattern. Cancellation of the option of rising oil prices will be a fall and a breakdown of the level of 69.45 dollars per barrel. This will indicate a breakdown of the support area and a continued decline in BRENT quotes to the area below the level of 65.05. Confirmation of the rise in quotes will be the breakdown of the resistance level and the closing of Brent prices above the level of 76.85, which will indicate a breakdown of the upper border of the “Triangle” model.
Brent Crude Oil Forecast and analysis July 16, 2021 imply an attempt to test the support level near the 72.65 area. Further, continued growth with a target above the level of 81.55. A test of the trend line on the relative strength index (RSI) will be in favor of the rise. Cancellation of the growth option for the Brent oil price will be a fall and a breakdown of the level of 69.45. This will indicate a continued decline in quotations to the area below the level of 65.05.
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