Quotes of BRENT continue to move within the framework of an upward correction. At the time of publication of the forecast, the price of BRENT oil is 75.01 dollars per barrel. At the moment, we should expect an attempt to test the resistance area near the level of 76.50 dollars per barrel. Further, the continued fall in oil prices in the area below the level of 70.00.
BRENT forecast & technical analysis August 1, 2018
In favor of falling quotations and prices for oil BRENT will test the resistance line on the indicator of relative strength index (RSI). The abolition of the fall in oil prices will be a strong growth and a breakdown at 77.20 dollars per barrel, which will indicate the breakdown of the upper border of the channel and the continuation of the growth of quotations in the area above the level of 80.00. To expect confirmation of the oil price decrease is with the breakdown of the support area and the closing below the level of 73.50.
BRENT forecast & technical analysis August 1, 2018 presupposes an attempt to test the resistance level near the area of 76.50 and continue falling with a target below 70.00, the abolition of the variant of reducing the price of BRENT oil will be a strong growth and breakdown at level 77.20, which will indicate the continued growth of quotations in the area above the level of 80.00.