Brent continue to move as part of growth and have left the limits of the downward correction channel. At the time of publication of the forecast, the price of Brent crude oil is $113.78 per barrel. Moving averages indicate a short-term bearish trend in oil. Prices have broken through the area between the signal lines up, which indicates pressure from buyers of Black Gold and a potential continuation of the growth in the value of the asset already from current levels. At the moment, we should expect an attempt to develop a decline and test the support level near the area of 105.55 dollars per barrel. Further, the continuation of the growth of the oil rate to the area above the level of 127.05.
Brent Crude Oil Forecast and analysis July 5, 2022
An additional signal in favor of the rise in quotes and prices for Brent oil will be a test of the trend line on the relative strength index (RSI). The second signal will be a rebound from the lower border of the bullish channel. Cancellation of the option of rising oil prices will be a fall and a breakdown of the level of 99.05 dollars per barrel. This will indicate a breakdown of the support area and a continued fall in BRENT quotes to the area below the level of 92.45. Confirmation of the growth of quotations will be the breakdown of the upper boundary of the downward channel and the closing of prices for Brent above the level of 117.65, which will indicate the breakdown of the upper boundary of the bearish correction channel.
Brent Crude Oil Forecast and analysis July 5, 2022 suggests an attempt to test the support level near the area of 105.55. Further, the continuation of the growth of oil with a target above the level of 127.05. In favor of the growth of the asset, a test of the trend line on the relative strength index (RSI) will come out. Cancellation of the option to raise the price of Brent oil will be a fall and a breakdown of the level of 99.05. This will indicate a continued fall in quotes to the area below the level of 92.45.
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