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 $ 64.19 per barrel. Moving averages indicate a short-term sideways trend in oil. At the moment, we should expect an attempt to rise and test the resistance level near the area of 64.85 dollars per barrel. Further, the continuation of the fall in the rate of oil in the area below the level of 58.90.
BRENT Crude Oil Forecast and analysis July 9, 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. The second signal will be the formation of the «Head and Shoulders» reversal pattern. Cancellation of the option of falling oil prices will be a strong increase and the breakdown level of 67.55 dollars per barrel. This will indicate a breakdown of the resistance area and continued growth of quotations in the area above the level of 69.65. Confirmation of a decrease in quotations will be the breakdown of the support area and the closing of BRENT prices below 61.35.
BRENT Crude Oil Forecast and analysis July 9, 2019 imply an attempt to test the resistance level near the 64.85 area. Further, the continuation of the decline with the target below the level of 58.90. 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 67.55. This will indicate a continuation of the rise of quotations to the area above 69.65.
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