Quotes of BRENT continue to move within the framework of a bullish correction. At the time of publication of the forecast, the price of BRENT oil is 79.09 dollars per barrel. At the moment, we should expect an attempt to test the resistance area near the level of 80.00 dollars per barrel. Further, the fall of oil to the area below the level of 76.50 within the beginning of the development of the «Wolfe Wave» model.
BRENT forecast & technical analysis July 11, 2018
In favor of lower quotations and prices for oil BRENT will test the trend line on the indicator of relative strength index (RSI). The abolition of the fall in oil prices will be a strong growth and breakdown at 82.00 dollars per barrel, which will indicate the breakdown of the resistance area and the continued growth of quotations in the area above the level of 85.00. To expect confirmation of the fall in the price of oil is with the breakdown of the support area and the closing below the level of 76.50.
BRENT forecast & technical analysis July 11, 2018 suggests an attempt to test the resistance level near the area of 80.00 and continue falling with a target below 81.00, the cancellation of the variant of reducing the price of BRENT oil will be a strong growth and breakdown at 82.00, which will indicate the continued growth of quotations in the area above the level of 85.00.
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