Brent continue to move as part of the fall and have left the bullish channel. At the time of the publication of the forecast, the price of Brent oil is $105.26 per barrel. Moving averages indicate a short-term bearish trend in oil. Prices have broken through the area between the signal lines down, which indicates pressure from the sellers of “Black Gold” and a potential continuation of the fall in the value of the asset already from current levels. At the moment, we should expect an attempt to develop growth and test the resistance level near the area of 110.15 dollars per barrel. Further, the continuation of the fall of the oil rate to the area below the level of 85.05.
Brent Crude Oil Forecast and analysis July 7, 2022
An additional signal in favor of falling quotes and Brent oil prices 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, which was broken down by the sellers. Cancellation of the option of falling oil prices will be a strong growth and a breakdown of the level of 125.05 dollars per barrel. This will indicate a breakdown of the resistance area and continued growth of BRENT quotes to the area above the level of 135.05. The fall in quotes will be confirmed by a breakdown of the lower boundary of the bullish channel and the closing of Brent prices below 100.05.
Brent Crude Oil Forecast and analysis July 7, 2022 suggests an attempt to test the resistance level near the area of 110.15. Further, the continuation of the fall of oil with a target below the level of 85.05. A test of the trend line on the relative strength index (RSI) will come out in favor of the asset’s decline. Cancellation of the option of falling Brent oil prices will be a strong growth and a breakdown of the level of 125.05. This will indicate a continued rise in quotes to the area above the level of 135.05.
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