Brent continue to move within the decline and the bearish channel. At the time of the publication of the forecast, the price of BRENT oil is $ 63.01 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 63.50 dollars per barrel. Further, the continuation of the fall in the rate of oil in the region below the level of 60.05.
BRENT Crude Oil Forecast and analysis July 24, 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 a rebound from the upper boundary of the downward channel. Cancellation of the option of falling oil prices will be a strong increase and the breakdown level of 64.55 dollars per barrel. This will indicate a breakdown of the resistance area and continued growth of quotations in the area above the level of 67.25. Confirmation of the decline in quotations will be the breakdown of the support area and closing prices for BRENT below 61.55.
Among the important news that may have an impact on the course of oil is worth highlighting: United States Crude Oil Stocks Change EIA.
BRENT Crude Oil Forecast and analysis July 24, 2019 imply an attempt to test the resistance level near 63.50. Further, the continuation of the decline with the goal below the level of 60.05. 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 64.55. This will indicate a continuation of the rise of quotations in the area above the level of 67.25.