Quotes of BRENT continue to move within the bearish channel. At the time of publication of the forecast, the price of BRENT oil is 72.29 dollars per barrel. At the moment, we should expect an attempt to test the upper limit of the bearish channel near the level of 72.70 dollars per barrel. Further, the continued fall in oil prices in the region below the level of 67.50.
BRENT forecast & technical analysis August 22, 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 increase and breakdown of the level of 73.70 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 76.50. It is worthwhile to wait for confirmation of the oil price decrease with the breakdown of the support area and the closing below the level of 70.00, which will indicate the breakdown of the lower boundary of the channel.
BRENT forecast & technical analysis August 22, 2018 suggests an attempt to test the resistance level near the 72.70 area and continue falling with a target below the level of 67.50, the abolition of the decline in the price of BRENT oil will be a strong growth and breakdown at 73.70, which will indicate the continued growth of quotations in the area above the level of 76.50.
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