BRENT oil quotes end the trading week near the area of 84.56 dollars per barrel. The potential remains to complete the formation of the “Triangle” model. Moving averages indicate a bullish trend. Prices have broken through the area between the signal lines upward, which indicates pressure from buyers of raw materials and a potential continuation of growth from current levels. At the moment, we should expect an attempt to develop a decline and test the support area near the level of 79.45. Then, it is worth considering a rebound upward and continued growth of oil to the area above the level of $100.85 per barrel.
BRENT Forecast and Analysis July 22 — 26, 2024
An additional signal in favor of rising oil prices this week will be a test of the support line on the relative strength index (RSI). The second signal will be a rebound from the lower border of the Triangle pattern. Cancellation of the option to increase quotes and prices for BRENT oil in the trading week of July 22 — 26, 2024 will be a fall and a breakdown of the level of 72.05. This will indicate a breakdown of the support area and a continuation of the fall of oil to the area below the level of 64.65. With a breakdown of the resistance area and closing of quotes above the level of 94.05, which will indicate a breakdown of the upper boundary of the “Triangle” model and the beginning of a pattern with targets above.
BRENT Forecast and Analysis July 22 — 26, 2024 suggests an attempt to test the support area near the level of 79.45. Where can we expect a rebound and an attempt to continue the growth of oil with a potential target at 100.85. An additional signal in favor of a rise in oil prices will be a test of the trend line on the relative strength index (RSI). Cancellation of the growth option will be a fall in price and a breakdown of the 72.05 area. This will indicate a breakdown of the support area and a continued decline in oil prices with a target below the level of 64.65.
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