Brent oil quotes continue to move as part of the development of the fall and the completion of the formation of the “Head and Shoulders” reversal pattern. At the time of publication of the forecast, the price of Brent oil is $84.01 per barrel. Moving averages indicate a short-term bullish trend for oil. Prices are again testing the area between the signal lines, which indicates pressure from buyers of Black Gold and a potential continuation of growth in the value of the asset from current levels. At the moment, we should expect an attempt to develop growth and test the resistance level near the area of 85.25 dollars per barrel. Next, a rebound downwards and a continuation of the fall in the oil price to the area below the level of 77.95.
Brent Forecast for July 17, 2024
An additional signal in favor of a reduction in quotes and prices for Brent oil 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 Head and Shoulders reversal pattern. Cancellation of the option of falling oil prices will be a strong rise in prices and a breakdown of the level of $89.75 per barrel. This will indicate a breakdown of the resistance area and continued growth of BRENT quotes to the area above the level of 93.85. Confirmation of the fall in quotes and oil prices will be a breakdown of the support area and closing of Brent prices below the level of 82.05, which will indicate a breakdown of the lower boundary of the “Head and Shoulders” reversal pattern and the beginning of a pattern with targets below.
Brent Forecast for July 17, 2024 suggests an attempt to test the resistance level near the 85.25 area. Further, oil continues to fall with a target below the level of 77.95. A test of the trend line on the relative strength index (RSI) will support a decline in the asset. Cancellation of the option for a fall in the price of Brent oil will be a strong growth and a breakdown of the level of 89.75. This will indicate a continued rise in quotes to the area above the level of 93.85.
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