Brent continue to move in the correction and the ascending channel. At the time of the publication of the forecast, the price of BRENT oil is $ 64.65 per barrel. Moving averages indicate a short-term bullish trend in oil. At the moment, we should expect an attempt to rise and test the resistance level near the area of 66.55 dollars per barrel. Further, the continuation of the fall of the oil in the area below 59.35.
BRENT Crude Oil Forecast and analysis July 3, 2019
In favor of lowering quotations and prices for oil BRENT will perform a test of the downward trend line on the indicator of relative strength index (RSI). The second signal will be a rebound from the upper boundary of the rising channel. Cancellation of the option of falling oil prices will be a strong increase and the breakdown level of 69.05 dollars per barrel. This will indicate a breakdown of the resistance area and continued growth of quotations in the area above the level of 71.75. Confirmation of the decline in quotations will be the breakdown of the lower boundary of the rising channel and the closing of the BRENT price below the level of 62.45.
Among the important news that may have an impact on the course of oil, it is worth highlighting: United States Crude Oil Stocks Change.
BRENT Crude Oil Forecast and analysis July 3, 2019 imply an attempt to test the resistance level near 66.55. Further, the continuation of the decline with the goal below the level of 59.35. 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 69.05. This will indicate a continuation of the rise of quotations in the area above the level of 71.75.