Brent continue to move as part of the growth and formation of the «Triangle» model. At the time of the publication of the forecast, the price of Brent crude oil is $ 42.73 per barrel. Moving averages indicate a short-term bullish trend for oil. Prices are testing the area between the signal lines, which indicates pressure from the buyers of Black Gold and the potential continuation of the growth in the value of the asset. At the moment, we should expect an attempt to develop a correction and test the support level near the area of 41.75 dollars per barrel. Further, the continued growth of the oil rate in the region above the level of 47.05.
Brent Crude Oil Forecast and analysis July 8, 2020
An additional signal in favor of rising 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 boundary of the Triangle model. Cancellation of the option of raising oil prices will be a fall in prices and a breakdown of the level of 40.05 dollars per barrel. This will indicate a breakdown of the support area and the continuation of the fall of BRENT quotes in the area below the level of 36.55. A confirmation of the rise in quotes will be a breakdown of the resistance level and closing of Brent prices above 45.05.
Brent Crude Oil Forecast and analysis July 8, 2020 suggests an attempt to test the support level near the area of 41.75. Further, the continuation of the rise with the target above the level of 47.05. A test of the trend line on the relative strength index (RSI) will be in favor of the rise. Cancellation of the option to increase the price of Brent oil will be a fall and a breakdown of the level of 40.05. This will indicate a continued decline in quotations to the area below the level of 36.55.
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