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 $ 74.30 per barrel. At this point, we should expect an attempt to test the resistance area near the level of $ 74.50 per barrel. Further, the continued fall in oil prices in the area below the level of 68.95.
BRENT forecast & technical analysis July 27, 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 growth and a breakdown of the level of $ 76.30 per barrel, which will indicate the breakdown of the upper boundary of the descending channel and the continuation of the growth of quotations in the area above the level of 80.05. To expect confirmation of the oil price decrease is with the breakdown of the support area and the closing below the level of 72.55.
BRENT forecast & technical analysis July 27, 2018 suggests an attempt to test the resistance level near the 74.30 area and continue falling with a target below 68.95, the abolition of the variant of reducing the price of BRENT oil will be a strong growth and breakdown at the level of 76.30, which will indicate the continued growth of quotations in the area above the level of 80.05.