Brent oil quotes continue to move within the development of a bullish correction and a descending channel. At the time of publication of the forecast, the price of Brent crude oil is $77.82 per barrel. Moving averages indicate the presence of a short-term bearish trend for oil. Prices have broken through the area between the signal lines downwards, which indicates pressure from sellers of “Black Gold” and a potential continuation of the asset’s fall from current levels. At the moment, we should expect an attempt to develop a bearish correction and a test of the support level near the area of $79.35 per barrel. Then, a downward rebound and a continued fall in the oil rate to the area below the 70.15 level.
Brent Forecast for August 8, 2024
An additional signal in favor of a fall in Brent crude oil quotes and prices will be a test of the resistance line on the relative strength indicator (RSI). The second signal will be a rebound from the upper boundary of the descending channel. The cancellation of the oil price growth scenario will be a drop in quotes and a breakout of the level of 82.65 dollars per barrel. This will indicate a breakout of the resistance area and continued growth of BRENT quotes to the area above the level of 87.85. The fall in quotes and oil prices will be confirmed by a breakout of the support area and closing of Brent prices below the level of 75.05.
Brent Forecast for August 8, 2024 suggests an attempt to test the resistance level near the area of 79.35. Further, the continuation of the fall in oil with a target below the level of 70.15. A test of the trend line on the relative strength indicator will be in favor of a decline in the asset. The cancellation of the Brent oil price fall scenario will be a strong growth and a breakout of the level of 82.65. This will indicate continued growth of quotes to the area above the level of 87.85.
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