Brent oil quotes continue to move within the development of the fall and bearish channel. At the time of publication of the forecast, the price of Brent crude oil is 80.02 dollars per barrel. Moving averages indicate the presence of a short-term bearish trend for oil. Prices broke through the area between the signal lines downwards, which indicates pressure from sellers of “Black Gold” and a potential continuation of the fall in the value of the asset from the current levels. At the moment, we should expect an attempt to develop a bullish correction and a test of the resistance level near the area of 81.45 dollars per barrel. Then, a rebound downwards and a continuation of the fall in the oil rate to the area below the level of 76.65.
Brent Forecast for July 30, 2024
An additional signal in favor of a decrease 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 border of the descending channel. The cancellation of the option of falling oil prices will be a strong increase in quotes and a breakout of the level of 83.75 dollars per barrel. This will indicate a breakout of the resistance area and continued growth of BRENT quotes to the area above 90.05. Confirmation of the fall in quotes and oil prices will be a breakout of the support area and closing of Brent prices below 78.75, which will indicate a breakout of the lower border of the bullish channel.
Brent Forecast for July 30, 2024 suggests an attempt to test the resistance level near the 81.45 area. Further, the continuation of the fall of oil with a target below the level of 76.65. A test of the trend line on the relative strength indicator will be in favor of a decrease in the asset. Cancellation of the option of a fall in Brent oil prices will be a strong growth and a breakout of the level of 83.75. This will indicate a continuation of the growth of quotes to the area above the level of 90.05.
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