Quotes of BRENT continue to move in line with the decline. At the time of publication of the forecast, the price of BRENT oil is 72.44 dollars per barrel. At this point, we should expect an attempt to test the upper limit of the descending canal near the level of $ 73.90 per barrel. Further, the continued fall in oil prices in the area below the level of $ 68.70.
BRENT forecast & technical analysis August 3, 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 74.50 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 region above the level of $ 76.50. To expect confirmation of the oil price decrease is with the breakdown of the support area and the closing below the level of $ 71.00.
BRENT forecast & technical analysis August 3, 2018 suggests an attempt to test the resistance level near the area of $ 73.90 and continue falling with the target below $ 68.70, the abolition of the variant of the price reduction of BRENT oil will be a strong growth and breakdown at $ 74.50, which will indicate the continued growth of quotations in the area above the level of $ 76.50.