Quotes of BRENT continue to move within the framework of correction and formation of the «Triangle» model. At the time of publication of the forecast, the price of BRENT oil is $ 73.30 per barrel. At the moment, we should expect an attempt to test the resistance area near the level of 74.10 dollars per barrel. Further, the continued fall in oil prices in the area below the level of 69.50.
BRENT forecast & technical analysis July 25, 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 at 74.70 dollars per barrel, which indicates the breakdown of the upper limit of the model «Triangle» 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 71.50.
BRENT forecast & technical analysis July 25, 2018 involves an attempt to test the resistance level near the 74.10 area and continue falling with a target below the level of 69.50, the abolition of the option of reducing 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 77.50.
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