Quotes of BRENT continue to move within the correction. At the time of publication of the forecast, the price of BRENT oil is $ 75.02 per barrel. At this point, we should expect an attempt to test the resistance area near the level of 76.70 dollars per barrel. Further, the continued fall in oil prices in the area below the level of 70.85.
BRENT forecast & technical analysis July 31, 2018
In favor of falling quotations and prices for oil BRENT will test the resistance line on the indicator of relative strength index (RSI). Abolition of the variant of falling oil prices will be a strong growth and breakdown at the level of 77.20 dollars per barrel, which will indicate the breakdown of the resistance area and the continuation of the growth of quotations in the area above the level of 79.85. To expect confirmation of the oil price decrease is with the breakdown of the support area and the closure below the level of 73.25.
BRENT forecast & technical analysis July 31, 2018 presupposes an attempt to test the resistance level near the area of 76.70 and continue the fall with a target below 70.85, the abolition of the variant of reducing the price of BRENT oil will be a strong growth and breakdown at level 77.20, which will indicate the continued growth of quotations in the area above the level of 79.85.