BRENT oil quotes are ending the trading week near the $81.35 per barrel area. There is still potential for the completion of the Triangle pattern. The moving averages indicate a bullish trend. Prices have broken through the area between the signal lines downwards, which indicates pressure from raw material sellers and a potential continuation of the fall from the current levels. At the moment, we should expect an attempt to develop a decline and test the support area near the level of 77.65. Then, we should consider an upward rebound and continued growth of oil to the area above the level of $99.45 per barrel.
BRENT Forecast and Analysis July 29 — August 2, 2024
An additional signal in favor of the growth of oil quotes this week will be a test of the support line on the relative strength indicator. The second signal will be a rebound from the lower border of the Triangle pattern. The cancellation of the growth option for BRENT crude oil quotes and prices in the trading week of July 29 — August 2, 2024 will be a fall and a breakout of the 71.55 level. This will indicate a breakout of the support area and a continuation of the fall of oil to the area below the level of 65.05. With a breakout of the resistance area and closing of quotes above the level of 92.05, which will indicate a breakout of the upper border of the “Triangle” pattern and the beginning of the pattern with targets at the top.
BRENT Forecast and Analysis July 29 — August 2, 2024 suggests an attempt to test the support area near the level of 77.65. Where should we expect a rebound and an attempt to continue the growth of oil with a potential target at the level of 99.45. An additional signal in favor of an increase in the price of oil will be a test of the trend line on the relative strength indicator. The cancellation of the growth option will be a drop in price and a breakout of the 71.55 area. This will indicate a breakout of the support area and a continuation of the decline in the price of oil with a target below the level of 65.05.
Looking for the Best Forex Broker? We trade at RoboForex. You can receive a rebates from each trade when registering using our partner link
