BRENT complete the trading week near the area of 62.20 dollars per barrel. And it continues to move as part of the correction. Moving averages indicate a downward trend. At the moment, we should expect an attempt to continue the rise and test the resistance area near the level of 63.45. Then the continuation of the fall in oil to the area below the level of 48.45 dollars per barrel.
BRENT oil Forecast and Analysis August 5 — 9, 2019
An additional signal in favor of reducing oil quotes this week will be a test of the resistance line on the relative strength index (RSI). The second signal will be a rebound from the upper boundary of the downward channel. Cancellation of the option of falling quotes and BRENT oil prices on the trading week of August 5 — 9, 2019 will be a strong growth and the breakdown level of 68.45. This will indicate a breakdown of the upper boundary of the channel and continued growth of oil in the region above the level of 73.55. With the breakdown of the support area and the closing of quotations below 57.55, we should expect confirmation of a decrease in BRENT oil prices.
BRENT oil Forecast and Analysis August 5 — 9, 2019 suggests an attempt to test the resistance area near the level of 63.45. Where should we expect a rebound and an attempt to drop oil with a potential target of 48.45. An additional signal in favor of lowering the price of oil will be a test of the trend line on the relative strength index (RSI). Cancellation of the fall option will be a strong growth and the breakdown of the area of 68.45. This will indicate a breakdown of the resistance level and a continued rise in oil prices with a target above 73.55.
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