Quotes of BRENT continue to move within the bearish channel. At the time of publication of the forecast, the price of BRENT oil is 72.19 dollars per barrel. At the moment, we should expect an attempt to test the resistance area near the level of 74.05 dollars per barrel. Further, the continued fall in oil prices in the area below the level of 67.70.
BRENT forecast & technical analysis July 20, 2018
In favor of falling 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 increase and breakdown at 74.70 dollars per barrel, which will indicate the breakdown of the upper boundary of the channel and the continuation of the growth of quotations in the area above the level of 77.50. To expect confirmation of the oil price decrease is with the breakdown of the support area and the closing below the level of 70.50.
BRENT forecast & technical analysis July 20, 2018 involves an attempt to test the resistance level near the 74.05 area and continue falling with a target below the level of 67.70, the abolition of the decline in the price of BRENT oil will be a strong growth and breakdown at 74.70, which will indicate the continued growth of quotations in the area above the level of 78.50.
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