Quotes of BRENT continue to move within the lateral movement. At the time of publication of the forecast, the price of BRENT oil is 76.99 dollars per barrel. At this point, we should expect an attempt to test the resistance area near the level of 77.60 dollars per barrel. Further continuation of the fall of oil in the area below the level of 73.00.
BRENT forecast & technical analysis July 12, 2018
In favor of lower quotations and prices for oil BRENT will perform a test of a broken trend line on the indicator of relative strength index (RSI), as well as the formation of the reversal model «Head and Shoulders» on the chart of the indicator RSI. The abolition of the fall in oil prices will be a strong growth and a breakdown of 81.50 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 due to the breakdown of the support area and the closure below the level of 76.00.
BRENT forecast & technical analysis July 12, 2018 suggests an attempt to test the resistance level near the area of 77.60 and continue falling with a target below 73.00, the abolition of the variant of the price reduction of BRENT oil will be a strong growth and breakdown at 81.50, which will indicate the continued growth of quotations in the area above the level of 85.00.