Brent continue to move within the correction and the bearish channel. At the time of the publication of the forecast, the price of BRENT oil is $ 64.24 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 of the oil in the area below 58.45.
BRENT Crude Oil Forecast and analysis July 25, 2019
In favor of reducing the quotations and prices of oil BRENT will test the resistance line on the indicator of relative strength. 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 66.75 dollars per barrel. This will indicate a breakdown of the resistance area and continued growth of quotations in the area above the level of 68.65. Confirmation of the decline in quotations will be the breakdown of the support area and closing prices for BRENT below 61.55.
BRENT Crude Oil Forecast and analysis July 25, 2019 imply an attempt to test the resistance level near the area of 63.50. Further, the continuation of the decline with the goal below 58.45. 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 a breakdown of 66.75. This will indicate a continuation of the rise of quotations in the area above the level of 68.65.
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